A study by insolvency trade body R3 unveiled today that 28% of people living in the north-east believe their personal finances will improve in the next 6 months. The survey captures the negative feeling of people currently living in the UK.
While the North-east of England remains the most optimistic area in the UK for financial improvement, 88% of England, Scotland and Wales believe it will take far longer.
Over a quarter of people believe that the financial problems they face will get worse before they get better, with almost a third of people stating they have no savings left to fall back on should the hard times continue.
Diverse Debt Beliefs
The wide range of opinions surrounding when the personal finance credit crunch will subside are diverse. It means people are unsure how to plan for the future.
Over half of the people surveyed and living in the North-east, despite being the most optimistic region in the UK, are struggling to get to the end of the month. Food and fuel are the primary reasons why people are struggling and for these reasons it’s understandable why payday loan companies are flourishing.
Dealing with Debt
People confirmed that they struggled to make ends meet and the cost of living was just too much. This coupled with meeting credit card and personal loan repayments each month, it started to become impossible to manage.
Dealing with debt can be challenging, especially when trying to juggle to costs of everyday life. Mounting debt and increasing interest can make it hard to know what to do for the best.
If you’re struggling with debt and can’t seem to make your money stretch to cover to essential expenditure and meet your contractual payments then contact a debt advice charity. Our advisors are experts at finding solutions to difficult problems.
Always remember, you are not alone. There are lots of debt charities out there to help you. You can contact Debt Support Trust on 0800 085 0226 or complete one of our debt analysers for help.