Household Debt Continues to rise
UK household debt continues to rise
According to this recent article from Yahoo Finance hit an average of £14,450. The total debt in the UK is now 31% higher than it was in the financial crisis of 2008.
“The TUC said 3.7 million people were currently in precarious work in the UK, including an estimated one million jobs on zero-hours contracts. Meanwhile, average real wages are still lower than before the financial crisis, according to the union body.
It said limits on the power of trade unions left people unable to push for higher pay, despite sustained employment growth which typically improves workers’ bargaining power.”
It also discusses that 12 million adults are thought to be covering household essentials with credit in the last year. Their research includes bank loans, payday loans, credit cards, store cards and student loans, and does not include mortgage borrowing.
There are lots of reasons that explain why this is happening and the lack of increasing salaries and continued use of zero-hour contracts are 2 of the main reasons. The increasing interest rates that lenders are charging for credit cards and with a lot of the major banks increasing overdrafts to 40% the pressure is going to continue for a lot of households.
Help is available
Get Help With Debt (part of the CD Fairfield Group) have helped thousands of clients resolve their unmanageable debt through a range of options that include:
- Debt management plan
- Self-petition bankruptcy
- Debt relief order
- Re-organisation/consolidation loans
- Negotiated settlements
Our team of experienced and friendly advisers have helped our clients achieve an average debt write off of around 90% and as we are FCA authorised and regulated we promise to look at each case individually. If we feel that we are not able to provide you with the right solution we will be able to point you in the direction of someone who can.
What is my next step?
Get Help With Debt (part of CD Fairfield Capital) are authorised and regulated by the Financial Conduct Authority and only ever follow strict advice guidelines. If another solution is better for you, we’ll advise you of it during your free consultation. If you are worried about the cost and affordability of repaying all of your debts then call to arrange a no-obligation chat with one of our experienced advisors today on 02890 393626.