A report by Lloyds calling “Spending Power” has said that people between the ages of 35 and 54 are in the bracket of “most unlikely to pay bills” and found that the majority of people in the UK are spending 75% of their income solely on essentials.
Families in the UK are struggling to make ends meet as it’s confirmed that due to inflation and falling wages, people are more than £400 worse off than in 2011. Despite 80% of people stating they are unhappy with the inflation rate, people are forced to grim and bear the situation. The study found that one in four public sector workers are spending less on food because they are struggling to survive.
What does this mean?
An increasing number of people contacting Debt Support Trust for debt help are doing so because they have over stretched on credit. This means that people have a monthly repayment towards their debt every month which must be paid to avoid a default on their credit agreement.
People struggling to make ends meet and turning to credit to fill the financial void will usually require debt advice at some stage. Our advice can vary from making token payments to creditors through to Bankruptcy.
Debt Advice Process
Debt advice from Debt Support Trust is based on a person’s personal and financial situation. Our aim is to help a person make an informed decision about the available debt solutions on offer. We provide the positives and negatives of all suitable debt solutions to help a person make the necessary decision in becoming debt free.
We encourage people struggling to manage their finances to seek debt help from a registered debt advice charity, such as Debt Suppor t Trust or the Citizens Advice Bureau. Advice from debt charities is free, independent and impartial.