Many fail to get help for debt problems

July 12, 2010

According to a debt charity in the UK many people are struggling with unmanageable debts and are failing to get any help to aid them in managing their debt problems. In fact, it is estimated that around one million people may be struggling with debt that they do not seek advice about.

Officials are concerned that as a result of many of those in debt failing to get the advice that they need the level of personal insolvencies in the UK could increase sharply, as more and more people suddenly find themselves unable to keep on top of financial commitments..

The level of insolvencies in the UK is already very high, and officials from Credit Action believe that this could be just the tip of the iceberg. However, the charity also said that around half a million people with debt were seeking help to assist them with managing their finances, and this included seeking help from debt charities and organisations such as the Citizen’s Advice Bureau.

There are concerns that many people may also be turning to high interest borrowing such as high rate credit cards and doorstep loans in order to get them through financially, which in reality could leave them in an even worse situation. Further data from a study carried out indicated that 11% of adults spend more than they earn each month, which is likely to contribute to high debt levels.
Many people try to bury their heads in the sand & try to ignore their current financial situation, avoiding the issues & thinking their problems will go away. This is not the case, seriously think about solving your problems, it may be the case that you will have to move house or sell to release some cash or to get a cheaper one, renting may also be an option.
If this is you, please don’t just sit there, take action or seek advice as soon as possible.

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