Housing Debt: Britain’s Main Concern for 2015

As the dust settles on yet another enjoyable but expensive Christmas period, the harsh realities of the current financial situation of the British population become apparent once again. While many of us can admit taking short term loans out to fund a festive period with our loved ones, very few of us admit to having money troubles at the start of a new year.

Much of this is brushed off and lumped in with a general feeling of over-indulgence that is felt by the whole nation, but unfortunately for many of us it is much more serious than that. With the ease that we can now obtain money through payday lenders, they often act as a quick fix – meaning the headache later down the line is forgotten about, albeit temporarily.

However, the high interest rates of these loans mean that the need to pay them back is much greater than many of our other bills and in many cases we end up treating them with a greater priority. This means that when we look out into 2015 and picture our financial health, it isn’t these short-term borrowings that plague our thoughts the most; it is our long-standing, ever-present bills that cause the most alarm.

A recent study published in local Scottish news outlet the Forfar Dispatch highlighted the mood of the country, and indeed much of Great Britain, perfectly. According to housing and homelessness charity Shelter, an organisation that deal with the welfare and support of those in residential difficulty, one in four members of the Scottish public are living with a fear that they may not be able to  meet their rent or mortgage payments at some point this year. Through a variety of case studies and surveys, the charity have also determined that, on average, almost six in ten people feel they are already struggling with housing costs.

One of the main contributing factors to these spiralling debts, alongside the freeze of wages and the rise in the cost of living, is the fact that many people are reluctant to seek help when they need it the most. Advice and help services, like us here at Council Tax Advisors, are constantly advocating the belief that the sooner these problems are confronted, they can be tackled accordingly. Despite many people falling into further difficulties year upon year, there appears that even in 2015 there is a stigma regarding debt.

It isn’t just a problem in Scotland, either. When they investigated cases of households across the United Kingdom, 26 per cent of 4,150 people stated they would ‘feel ashamed’ to seek professional help if housing payments become too great a burden. When coupled with another figure from a separate Shelter survey, showing that one in four adults out of 1,038 that were asked believed they would need to use the services of organisations such as us at some point during 2015.

The importance of using the help and support that is available is something that will undoubtedly prove to be invaluable later down the line. With professional debt experts, well versed in the ins and outs of housing policy and the more specific aspects of things such as bailiff rights, here at CTACIC we are perfectly placed to get you set up on the road to financial stability.

The figures shown in reports such as the one published in the Forfar dispatch do much to highlight the current climate of the average citizen in the United Kingdom, but without the right guidance it is difficult to imagine how we expect it to change. If you feel like these situations apply to you, if worries regarding your housing payments – whether that is rent, mortgage or council tax – do not ignore them. Contact CTACIC today.

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