Personal Debt in 2015: The Forecast

As the dust settles on yet another expensive Christmas period, many people across Britain are finally waking up to the harsh realities of their financial situations. While it is easy to put these problems to the back of our minds in the run up towards the festival period – an extra payday loan here, a missed credit payment there – as we look to sacrifice our own worries for the enjoyment of our families, the first two months of the year are always the hardest for people across the UK.

This isn’t just a question of being ‘a bit skint’ until January payday. Unfortunately, this is about failing to keep on top of finances in an almost fatal manner. As one, two, three missed bills start to hit us, the fear of debt becomes inescapable but many of us still refuse to manage to seek help in time. It appears that, even in 2015, the old stigma attached to financial difficulty that has been perpetrated by those in power for decades is something deeply rooted in the British disposition. The question is, can we finally get the courage to seek out the help that we need and deserve?

The figures, tellingly, speak for themselves. Before the figures for December are even finished being compiled, those for November cement what we already know – the average Briton is struggling with repaying their debts. November 2014 showed that people in the UK managed to drum up the highest level of new debt in seven years. Whether it’s through credit cards, loans or overdrafts, it seems our reliance on credit-based schemes is greater than ever, with the total figure estimated at over £1.25bn.

While the country isn’t yet at crisis point, we are hardly a nation in rude financial health. The Bank of England figures make for troubling reading, but there is also a growing feeling that this may be the year where people in need of support actively seek it out as soon as the first bills of 2015 begin to come in. With the credit card industry under increasing scrutiny from the Financial Conduct Authority (FCA) due to their ‘aggressive’ marketing campaigns, advice organisations such as us here at Council Tax Advisors believe that the trust in credit companies is dwindling and as a result people are going to want to seek support in their efforts to resolve their financial difficulties.

Of course, this is something easier said than done. A report in The Guardian recently highlighted the extent of the increase of personal debt, and there is a worry that many people do not realise how bad their problems actually are. At CTACIC our services are designed to help at any point of financial difficulty, whether it’s a worry that a council tax bill may not be able to be paid this month or providing you with a detailed list of your rights if your faced with bailiff intervention. The important thing is to not sleepwalk into problems that can be easily avoided with the right guidance.

If these issues of personal debt or missed payments seem to be an unwanted reoccurrence in your life, it’s important to realise what kind of help is available for you to work with. By contacting one of our skilled personal debt experts here at CTACIC, you are giving yourself a huge advantage in the battle to get out of the red and back into the black. For more information on the services we offer, or to explain your issues in more detail, do not hesitate to get in touch with us today.

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You can get free debt advice from Money Helper,
an organisation set up by the government to offer free and impartial advice to those in debt. Just click the link above to find out more.

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