Over the past few years more and more people across the UK have been experiencing issues with debt, with many finding it difficult to cope with their high levels of debt. It has now reported that unsecured household debt levels have been increasing, which could lead to further problems for families that are already struggling with their finances.
Research has shown that over the past few months alone the level of unsecured household debt has increased. The research was carried out by insurance giant Aviva and formed part of its Family Finances Report. The research suggests that the level of household debt has increased by 9.66 percent since the beginning of this year reflecting an increase from £5,360 in January to £5,878 in May.
The research also shows that households with children are finding it extremely difficult to cope financially in the current challenging financial climate and many are now struggling to make ends meet. One official involved in the research said that there was a great deal of concern about the rising levels of personal debt. He said that many households were concerned about the future and a huge number of adults were worried about the cost of living continuing to soar over the next few months, as this would put further strain on their finances and make the situation even more difficult to cope with.
Industry experts have warned that any families that find themselves struggling to meet basic payments such as bills and mortgage or rent should seek advice as quickly as possible in order to ensure that their situations do not spiral out of control, which could easily happen if the cost of living continues to increase or the base interest rate increases leading to higher mortgage repayments.
Tags: problems, debt, credit card, cost, Mortgage, adviceRelated posts:
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