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    Really Interesting Finance News
    Really Interesting Finance News
    Sunday, 02 July 2017 00:07

    Debt on the rise - again!

    We seem to do nothing but bang on about the dangers of debt and the implications that everyday poor financial management can have on peoples’ lives – but it seems that no matter what we say or what we do to warn of the repercussions, people in the UK are heading down a dangerous overspending route regardless.

    Latest figures given from the Money Advice Service this week fill us with even more dread. One in five people who own and rent homes confessed to the service that they cannot sleep because of the pressure and financial burden of paying the mortgage and rent money every month. They also admitted that they frequently have to miss paying bills and go to their parents or relatives for help when they run out of money.

    It’s getting exhausting, and far too worrisome for our liking. We’re looking at a debt epidemic – and its far worse, in our opinion, than it was in 2008. We reckon it’s only a matter of time until there is another public finance meltdown.

    The problem is getting so bad that mental health charities have seen an increase in referrals to them – with people complaining of issues such as anxiety and sleep problems, which is a direct result of their money woes.

    We’ve dedicated our time over the past few months to writing numerous articles on the dangers of debt and the strategies and tips we believe you should follow if you want to stay above financial cripple – but sadly, it appears that many people are too far down the line.

    We still blame the ‘plastic culture’. With credit cards, people have the ability to pay for things that they cannot truly afford and this is giving people the go-ahead to get in serious debt. Everyone needs to have more discipline. Yes, the costs of living are rising and in many instances, the powers -that-be need to get a hold on this, but in a lot of cases we, the public, have to ensure that we take responsibility for our own spending.

    Getting in debt can impact greatly on a person’s life and once entered into, this cycle can be very difficult to get out of. It can affect your credit score which will then influence how and where you get credit, and can limit the options open to you when it comes to mortgages and even mobile phone contracts.

    If you are currently experiencing debt problems, the first thing to do is to open up to someone you trust or visit a debt counsellor. There really is no point in trying to carry on regardless and muddle through life. Debt problems need addressing head on if you are to get out of the vicious cycle.

    Somebody needs to look at outgoings and establish where money can be saved and sometimes this is best done by someone who is not directly involved in bill paying. Parents are often a great help and their experience should be utilised. 

    With over 16 per cent of people claiming that they are in debt and struggling to pay even the most basic of utility bills, we know something has to give. We just hope people heed our advice and get out of the cycle with help and support. We really don’t want to be reporting on another financial crash where hard-working families go bust up and down the country.

    Our news service is great because it pulls no punches and doesn't allow political correctness to interfere with our views.
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