Friends and Families Urged to Look Out Loved Ones Struggling with Debt

June 21, 2017

People around the UK have been urged to be on the lookout for warning signs that their friends and family members might be struggling with debt problems.

The Money Advice Service (MAS) has conducted research that suggests roughly one in six British adults are at risk of falling into a debt crisis and the organisation wants to see more people open up about their financial problems with their nearest and dearest.

MAS has published a series of what it considers to be signs of debt problems and is calling on people to look out for them among their friends and family.

The list of supposed signs includes tendencies towards being withdrawn and depressed, being secretive and towards not getting enough sleep.

MAS also suggests that someone gaining weight rapidly, changing their spending habits suddenly or living well beyond their means could also be reasons to worry that a person is experiencing debt problems.

The advice service has said that one in six adults are at risk of crisis debt but also that a great many people who experience financial problems don’t get the help they need to potentially start solving them.

In fact, its figures suggest that less than one in five people who are in a difficult position when it comes to their debts actually accesses relevant help and advice they could benefit from.

Underlining the scale of the problem, the MAS has noted that close to 8 million people across Britain currently miss bill repayments on a regular basis or feel overwhelmed by their debts.

“With one in six people in the UK at risk of a debt crisis, there is a high chance that someone close to us may be struggling with money troubles,” said Shelia Wheeler, director of debt advice at MAS.

“We are calling on friends and family to watch out for the signs someone might need help and to support them to access free debt advice as soon as possible.

“For people who are experiencing financial difficulties, we want you to know that help is available and you do not need to suffer alone.”

If you live anywhere in Scotland and you are faced with serious debt problems then Scotland Debt Solutions can help. We can talk you through the options available at a free and confidential consultation.

 

John Baird

Insolvency Adviser

Tel: 0800 063 9250

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