Debt

More and more people are struggling with debt.

A recent Money Advice Service survey found that 52 per cent of the 5,000 people questioned said they were finding it difficult to keep up with bills and debt repayments – compared to 35% in a similar study carried out in 2006.

It revealed that people are increasingly worried about making their money last until next payday, can’t afford to put money aside and are not able to deal with unexpected bills or financial emergencies.

If you are facing debt and financial problems it is best to seek advice early rather ignore it and hope it will go away. You are not alone – lots of people are in the same situation.

There is a lot of help and advice available to you in Derbyshire – and it’s all free. Be wary of adverts that promise to solve all your debt problems as if by magic. Their solutions can be very expensive and have long-term consequences.

Three things to do:

More advice can be found on our “Where to get help” page.

Statistics
  • Outstanding personal debt stood at £1.44 trillion at the end of February 2014 – a significant proportion of this is likely to be unmanageable debt.
  • Average household debt in the UK (excluding mortgages) was £6,018 in February 2014.
  • 52% of people are struggling to pay their bills.
  • 30% of UK households have no savings at all.
  • One property is repossessed every 18 minutes.
  • Redundancy is a key precipitant for tipping people who were coping financially, into financial exclusion. 1,282 people were made redundant every day between November 2013 and January 2014.
  • Every day 266 people are declared insolvent or bankrupt.
  • Citizens Advice Bureaux deal with 7,015 debt problems each day.

© Financial Action & Advice Derbyshire 2014