Families struggle to make ends meet
Families could soon find themselves in need of serious debt help in the not to distant future, new research suggests.
According to newly attained data, the relationship between Increased consumer spending and families coping with impaired financial circumstances is growing at an alarming rate.
The cost of living including normal household expenditure has rose dramatically over the past 10 years. A tool devised by a leading statistics authority to calculate trends in economic factors, suggests the average family is starting to seriously feel the effects.
Household debt is a topical issue in the UK, many individuals as well as family’s are experiencing heavy burdens with their finances and the number of people entering into Individual Voluntary arrangements (IVA’s) is increasing as a result.
So what’s to blame? The general consensus points a finger squarely at the increase in the rate of inflation. Inflation is currently at its highest rate since 1992 rising almost 3% in March alone. As a result, the level of disposable income available to the average family is lessening, resulting in an overall increase in the cost of living.
In our current economic condition, the lower end of the demographic will be hit hardest in the not to distant future. Many debt help specialists are reporting record highs for serious debt solutions such as IVA’s and Trust deeds (Scotland) and it is expected demand for such solution’s is set to increase.
