Study Highlights ‘Transformative Impact’ of Debt Advice
January 24, 2017
Getting advice on how to handle your financial problems can have a transformative impact on your life if you’re struggling to cope with the pressures of indebtedness.
That’s according to research conducted by the Money Advice Service (MAS), which has been investigating the difference that reaching out for debt help can have on individuals and their families.
The research found that almost two-thirds of people who get debt advice from third-party experts are able to pay off entirely or start paying off their debts within a period of between three and six months.
Getting outside help apparently also encourages a greater sense of financial responsibility, with almost 90 per cent of people who have sought out debt advice subsequently paying closer attention to their spending habits, according to the MAS’ data.
As well as making people much more likely to start proactively resolving their debt problems, getting external advice about financial issues also helps people feel less stressed about money, get better sleep and perform better at work.
The MAS’ research also found that getting to grips with debt problems by seeking out expert advice has a significant beneficial impact on the both mental and physical health of large numbers of people living throughout the UK.
As far as the MAS is concerned, accessing debt advice can make a crucial difference for people who are heavily indebted and under pressure from their creditors.
Its conclusion is that “debt advice can make the difference they need to get back on top of their finances”.
Shelia Wheeler, who is head of debt advice at the MAS, said in response to her organisation’s research: “High quality advice can have a transformative effect on people’s lives – improving their finances and overall well-being.
“Increases in financial capability are particularly welcome as is the evidence that people are able to build better relationships with their creditors after debt advice.”
If you live anywhere in Scotland and are struggling to cope with your debts then Scotland Debt Solutions can help. Contact any of our offices today to arrange a free and confidential consultation with one of our resident debt experts.