Thursday, 11 April 2019 15:11

Half of families in UK ended last year in debt

Over 50 per cent of all families in the UK had some form of debt remaining at the end of last year, according to figures from the Bank of England.

Startlingly, of this statistic, ten per cent of people admitted they get into debt daily just to put food on the table for the families.

It would be easy to believe that the majority of people in these dire financial states would be people either not in work, or, earning the minimum wage. Sadly, this isn't the case. People staring into the debt abyss are hardworking families who work many hours. The problem is that the cost of living is higher than what people are able to bring home in the form of income.

Statistics also show that applications for loans via payday loan sites and other financial outlets are coming to a five year high and disturbingly, the same figures also show that 1 in three children live in poverty in some of the country's most deprived areas.

It's a worrying time for many people.

This time of year is always a tricky period. Overspending at Christmas leaves many people chasing their tails and trying to claw the money together to pay off the January credit card bill. This, on top of the pressures of day to day living, sees numbers of people in debt double at this time of year. And of the people who have entered the debt cycle this year, only around five per cent will be debt free by the end of 2019.

We don't want to sound monotonous or patronising, but debts need addressing and treating far more seriously than they are currently. If you are one of the statistics that we've mentioned, seek advice and get on top of your finances. Financial stability is so, so important.


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