Debt charity reveals Britons’ budgeting worries

by on January 28th, 2015

Debt management charity StepChange has revealed the results of a survey that makes clear the worries people in Britain have about their personal finance.

Bankruptcy is personal bankruptcy’s “nuclear choice” – a last resort to debt problems. That’s not to state it is not the best choice for many – it commonly is (particularly if you aren’t a homeowner). But, anyone giving bankruptcy advice will certainly tell you life won’t be the very same after ending up being bankrupt – not least when it pertains to rebuilding your credit rating in years to come. Clicking on the following link will get you more information on http://www.christianmoneysense.com/

It recently conducted the research as part of Debt Awareness Week and found that a total of 43 per cent of those who took part did not have a clear idea of what their outgoings actually are in relation to their income.

Meanwhile, an additional 13 per cent stated they did know how much they were able to realistically spend, but found they were often incapable of sticking to this on a month-by-month basis.

The charity said that seeing such results at a time when the cost of living crisis is being heavily discussed is a worrying sign. Chief executive Mike O’Connor explained that the charity believes a budget is “vital” for members of the public to manage their personal finance correctly and stay out of the red.

He went on to say that although the economic situation in the UK appears to now be on the right track, it is still a fine balance for many residents to keep their finances in order.

Mr O’Connor commented: “Many people are living on the edge of their financial means and even a small reduction in income or increase in living costs can tip them into problem debt.

“It is crucial that people do not feel scared or embarrassed by having a money problem, but instead take positive steps to bring their finances under control.”

If you feel like your debts are out of control and urgent action needs to be taken, do not hesitate to call us on 0800 019 2095.

By and is filed under Personal Debt.

You can follow any responses to this entry through the RSS 2.0 feed. Both comments and pings are currently closed.

http://www.cleardebt.co.uk/news/debt-charity-reveals-britons_27252.php