Household Debt at Highest Since 2009
Figures revealed by The Money Charity have shown that despite economic growth, household debt has risen over the past 5 years, with an estimated £1.6 trillion and counting owed privately in both secured and unsecured credit.
Evidence from R3, the Association of Business Recovery Professionals, states that people from all over the UK are struggling with their finances, with 50% of Londoners, 56% of those in the North East and 47% in the West Midlands stating they struggle to make it to payday.
The Financial Conduct Authority estimates there are already nearly 9 million people in Britain who are over indebted, for whom changes in income or a rise in bills or debt costs are entirely unmanageable.
Stella Creasy, Shadow Minister for Business, Innovation and Skills comments:
“Helping families to make ends meet is critical not just to day to day living but to our future prosperity, too… Ensuring good financial advice and management facilities for those already drowning in bills will also help prevent debt from holding half our nation back.”
Harrington Brooks are committed to providing ethical and professional financial advice to those struggling with debt. We take into account the individual circumstances of everyone that comes to us for help, and always recommend the best solution – even if that means recommending a service that we do not provide. We know that the stress of debt can be overwhelming, and that straightforward, honest advice and assistance is the only way to getting you back on track and in control.
Additionally, to alleviate the burden of rising living costs, we provide our customers with a complimentary comparison and switching service for media and utility bills, so you can be sure that you are never paying more than you need to.
2.5 million people are already on a debt management plan, and if you think you could benefit from hearing more about what that involves, as well as the other options available to you, call our friendly expert advisers today on the numbers on the top of the page.