A recent charity report that has been released has suggested that millions of households across the UK are in financial difficulties due to debts, rising living costs, and wage freezes or cuts whilst millions more are in danger of falling into similar financial problems. The report comes from the Consumer Credit Counselling Service and paints a bleak picture of the state of millions of household finances.
According to the report more than three million households are now facing financial problems across the UK. Moreover a further one third are facing financial difficulties and are described as ‘financially vulnerable’ by the Consumer Credit Counselling Service.
The report shows that more than one million people are now struggling to repay their mortgage, and over 3 million are at least three months behind with a debt repayment or are facing action such as insolvency. A further three million are now struggling to make ends meet and could fall behind with repayments if there are any further rises in living costs or any cuts to their household income. Many people are said to be left with little to no disposable income once their essential costs such as mortgage or rent, bills, food, and car running costs have come out of their salaries and some do not even have enough to meet all of these essential payments any longer.
Tags: essential payments, United Kingdom, car running costs, insolvency, report, bills foodOne debt industry official said: “With the recent increases in the cost of living and static or reducing family incomes it is not surprising that more and more people are suffering with financial difficulties. I expect this figure to continue to rise as more and more government cuts start to kick in and the unemployment rate starts to rise”
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