The first two months of the new year may see an increase in
the number of those seeking help with their finances, an
industry expert claims.
According to Heather Choudhary, a specialist debt adviser
for the Bradford branch of Citizens Advice, the weeks
following the festive period often see a rise in the number
of people concerned about the various constraints on their
money management. The representative claimed that after
using credit cards to fund their spending over the
Christmas period, this is the time of year when people are
now having to face up to their borrowing.
She told the Telegraph & Argus: "The first wave of people
contacting us about debt is towards the end of January and
February, when the credit card bills start coming through."
Meanwhile, figures reveal that 879 people were declared
bankrupt at Bradford county court over the course of last
year, up from the 843 recorded in 2006. In 2005, however,
such consumers numbered just 671. Ms Choudhary went on to
claim that a couple of years ago a typical person in
serious debt would owe somewhere between 20,000 pounds and
25,000 pounds. However, now the advisory service claims
that it is unsurprising should people come seeking advice
on debts of up to 45,000 pounds.
Such figures suggest that demands for payment on utility
bills, personal loans, credit and store cards, groceries
and other expenses are putting an increasing amount of
strain on homeowners.
For those who are concerned about their ability to meet
various demands on their finances, Ms Choudhary stated that
"the first piece of advice we give is for people not to
panic and not to bury their heads in the sand". She claimed
that there is a sufficient amount of monetary advice that
people who may be worried about being able to make payments
on loans and credit cards can access for free.
The Citizens Advice worker added: "Debt is never just about
owing money, it's connected to bereavement, employment or
relationship break-ups. When people are in debt they feel
full of shame and out of control. People need to be
reassured that when they come to the bureau they aren't
going to be judged."
Matt Barlow, chief executive of Christians Against Poverty,
added: "Christmas is undoubtedly a time of overspending for
many people across the UK and this statistic supports the
testimony of many clients we have helped over the past." He
also said the first thing those who find that they are now
in financial difficulties following the festive season "is
not to panic".
Upon seeking out money management advice, Britons who are
looking to get their finances back on track and get into
the red as soon as possible may wish to consider applying
for a debt consolidation loan. This type of loan could be
particularly useful for those struggling with living costs.
In research conducted by Sainsbury's Finance last year,
day-to-day expenses were revealed to have increased by 4.2
per cent in the week between October and November.
For such consumers, debt consolidation may be a useful in
merging numerous financial constraints into a single
low-rate repayment.
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Abbi Rouse writes for All About Loans where visitors can
apply online for UK personal loans. We also specialise in
cheap bad credit loans, and loans for debt consolidation.
Visit Today: http://www.allaboutloans.co.uk
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