UK Debt Woes ‘Easing Up’ But Everyday Financial Headaches Remain
June 1, 2015
The frequency with which British consumers are finding themselves struggling with personal debts is falling but money worries still provide major headaches for millions of men and women around the country.
That’s according to a research report from Citizens Advice, which suggests that while personal debts aren’t wreaking the kind of havoc they did during the recent recession, there are still plenty of households and individuals feeling the strain from a financial perspective.
Having interviewed over 2,000 people across all income scales recently, the charity is convinced that debt distress levels are falling but points out that around 25 per cent still think about their debts on a regular basis.
Meanwhile, around 40 per cent say that they think about whether they’ll have enough money for everyday essentials or to cover their rent or mortgage payments at the end of each month.
Furthermore, while job security has become less of an urgent problem for most men and women around the UK in recent years, 38 per cent of respondents to Citizens Advice’s queries said they still worry about whether they might lose their jobs.
“The economic recovery is on track but people still face day to day worries about their finances,” said Gilliam Guy, Citizens Advice chief executive.
“Citizens Advice is seeing a shift in some of the types of issues people turn to us for help with. Queries around unemployment are decreasing, mirroring the fall in national figures, and the number of people seeking help with consumer debts is also down.
“But we know that despite this many people still have day to day worries about paying bills and rent, and an increasing number of people are seeking our help for problems with consumer and public services.”
In recent days it emerged that tens of thousands of households around the UK were forced to install pre-pay energy meters since the start of the decade.
Ms Guy from Citizens Advice said that energy consumers have been “getting a raw deal for too long” and suggested that pre-pay meters leave thousands of families struggling more than should to maintain gas and electricity supplies to their homes.
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