Many households are being adversely affected by January debts according to recent reports, and the problem has become so bad that they are struggling to pay their bills or even buy basic essentials. Many people have accumulated huge levels of debt over the Christmas and New Year period, which has left them struggling with their finances now as they try and make repayments on their debts.
This month many households have received their credit card statements having spent a huge amount over the festive season, and the amount that they owe has come as something of a shock for many. A lot of people spent on their credit cards without really budgeting or thinking, but are now set to pay for their frivolity. This means cutting back in other areas but doe to the state of their finances a lot of households will have to cut back on essentials because there is nowhere else to make cutbacks.
It is likely that more and more people will be seeking advice and help with their debts over the coming months, as they realise that they cannot meet their debt repayments as well as paying their bills. However, with demand for such services already so high many may struggle to get the advice and assistance that they need. The Debt Advice Foundation has expressed concern over the situation, adding that people were not taking out finance to pay bills in January but quite the opposite – they were missing their bill payments to pay off their borrowing.
Tags: realise, doe, cutting, debt advice, New, Debt Advice FoundationAn official from the group said: “It’s really the other way around, the debt tends to be racked up in November and December when people borrow money using credit cards, store cards, overdrafts and personal loans, to pay for a Christmas they can’t really afford.”
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