Don't wait for debt advice
A recent survey from a debt advice service has found that a shocking amount of people with serious debt problems wait for more than a year before getting advice on how to solve debt problems.
In a survey of over 2000 people looking for debt help in the UK it was revealed that 45% of them had waited for a year or more before seeking help. The longer a debt exists the bigger the problem will get, so there is no sense in waiting around. Indeed, the survey from CCCS found that most people found that getting the advice they needed was easier than they realised.
Of those interviewed an encouraging 58% said that they found their relationships grew stronger after coming clean about their money troubles and admitting that they need help. 35% had been keeping their debt secret from those closest to them, a horrible statistic. Even worse, 82% said that their money issues had affected their self confidence.
Luckily many of those surveyed were aware that it wasn't all their fault that they had built up debt. 49% believed that receiving financial education in school would help create awareness of how to handle money and avoid crippling debt. For 72% of the people, they think that the government does not do enough to prevent personal debt problems.
There are now several products and services on the market that can help wipe away debt and get people the fresh start they so badly need. In between the extremes of small payday loans and bankruptcy there are several other options including government approved, legally binding agreements such as IVAs that are designed to allow people to only pay back what they can and forget about the rest.
Until you seek debt advice your debt will only grow with charges and interest making the problem worse. If you are in trouble then find professional debt advice and take the first steps towards becoming debt free.
If you feel that debt is affecting your state of mind then you should see your GP too. Owing money is stressful and a major cause of mental illness, so make sure you go for a proper check-up, not just a financial one. The sooner you act, the sooner you could be free of your financial burden and on the road to recovery.
A recent survey from a debt advice service has found that a shocking amount of people with serious debt problems wait for more than a year before getting advice on how to solve debt problems.
In a survey of over 2000 people looking for debt help in the UK it was revealed that 45% of them had waited for a year or more before seeking help. The longer a debt exists the bigger the problem will get, so there is no sense in waiting around. Indeed, the survey from CCCS found that most people found that getting the advice they needed was easier than they realised.
Of those interviewed an encouraging 58% said that they found their relationships grew stronger after coming clean about their money troubles and admitting that they need help. 35% had been keeping their debt secret from those closest to them, a horrible statistic. Even worse, 82% said that their money issues had affected their self confidence.
Luckily many of those surveyed were aware that it wasn't all their fault that they had built up debt. 49% believed that receiving financial education in school would help create awareness of how to handle money and avoid crippling debt. For 72% of the people, they think that the government does not do enough to prevent personal debt problems.
There are now several products and services on the market that can help wipe away debt and get people the fresh start they so badly need. In between the extremes of small payday loans and bankruptcy there are several other options including government approved, legally binding agreements such as IVAs that are designed to allow people to only pay back what they can and forget about the rest.
Until you seek debt advice your debt will only grow with charges and interest making the problem worse. If you are in trouble then find professional debt advice and take the first steps towards becoming debt free.
If you feel that debt is affecting your state of mind then you should see your GP too. Owing money is stressful and a major cause of mental illness, so make sure you go for a proper check-up, not just a financial one. The sooner you act, the sooner you could be free of your financial burden and on the road to recovery.
What do people spend their money on in the UK?
It is well known that the average family in the UK is being squeezed by rising costs, repaying debts and incomes that are not keeping up with inflation. So what are these costs and what do people spend their money on in the UK?
The ONS (Office for National Statistics) regularly surveys the spending habits of the UK population to find out exactly where our money is going. The latest household spending study from the ONS details the average household’s outgoings rather than examining each individual’s spending habits, painting a picture of exactly where our money goes.
Savings on Groceries
A UK household will typically spend £53.40 a week on food, according to the results released in the Household Spending Survey. This figure is a national average with a higher spend of £57.90 in London and Northern Ireland while a typical North East household spends the least at only £45.70 a week.
Cigarettes and alcohol takes up a considerable amount of the household budget at £12 per week, on average. Strangely it was Londoners that spent the least on these 'narcotics' with a household average of only £10.10. This compared to Northern Ireland who spent the most at £16.50 per family.
The home
The survey lumped the cost of housing, fuel and power into one figure. This is because there are many people who have bills included within their rent payments. At £91.30 a week, the total paid for keeping a roof over your head is a sizeable slice of your income.
Clothes
It was Northern Ireland who topped the spending on clothes with a whopping £40.90 being lavished on them every week. Meanwhile the East Midlands spent less than half this amount on clothes and footwear at a mere £18.80 per household. £21.70 was the average for a typical UK home, although the figures did illustrate just how much this can fluctuate.
Transport
Another area of spending that will vary considerably according to where you live is transport. Households in London will shell-out £70 a week while in the North East a figure of £50 is the average.
Family debt
Although outstanding mortgages are considered a debt, this is covered by the statistics about the home, so here we will look at unsecured debt. According to the Aviva Family Finances report, the typical family owes £7,944 on unsecured credit. This research involved interviewing 10,000 people to find out how much they earned and how much they owed during 2011 and 2012. They found that couples that were yet to have children were in the most debt with an average of £15,000 owed between them.
This all means that the average adult in the UK is paying £322 towards unsecured debt every single month. This is according to the Consumer Credit Counselling Service who says that this equates to a massive 25% of the average monthly wage, making debt one of the largest monthly expenditures that the people of the UK have to factor into their household budgets.
Churchwood Finance are a debt management company that help those in need with organizing their debt and becoming debt free.
The ONS (Office for National Statistics) regularly surveys the spending habits of the UK population to find out exactly where our money is going. The latest household spending study from the ONS details the average household’s outgoings rather than examining each individual’s spending habits, painting a picture of exactly where our money goes.
Savings on Groceries
A UK household will typically spend £53.40 a week on food, according to the results released in the Household Spending Survey. This figure is a national average with a higher spend of £57.90 in London and Northern Ireland while a typical North East household spends the least at only £45.70 a week.
Cigarettes and alcohol takes up a considerable amount of the household budget at £12 per week, on average. Strangely it was Londoners that spent the least on these 'narcotics' with a household average of only £10.10. This compared to Northern Ireland who spent the most at £16.50 per family.
The home
The survey lumped the cost of housing, fuel and power into one figure. This is because there are many people who have bills included within their rent payments. At £91.30 a week, the total paid for keeping a roof over your head is a sizeable slice of your income.
Clothes
It was Northern Ireland who topped the spending on clothes with a whopping £40.90 being lavished on them every week. Meanwhile the East Midlands spent less than half this amount on clothes and footwear at a mere £18.80 per household. £21.70 was the average for a typical UK home, although the figures did illustrate just how much this can fluctuate.
Transport
Another area of spending that will vary considerably according to where you live is transport. Households in London will shell-out £70 a week while in the North East a figure of £50 is the average.
Family debt
Although outstanding mortgages are considered a debt, this is covered by the statistics about the home, so here we will look at unsecured debt. According to the Aviva Family Finances report, the typical family owes £7,944 on unsecured credit. This research involved interviewing 10,000 people to find out how much they earned and how much they owed during 2011 and 2012. They found that couples that were yet to have children were in the most debt with an average of £15,000 owed between them.
This all means that the average adult in the UK is paying £322 towards unsecured debt every single month. This is according to the Consumer Credit Counselling Service who says that this equates to a massive 25% of the average monthly wage, making debt one of the largest monthly expenditures that the people of the UK have to factor into their household budgets.
Churchwood Finance are a debt management company that help those in need with organizing their debt and becoming debt free.
