Full Spectrum Of People Developing Borrowing Problems
A rising number of people in one Yorkshire town are struggling when it comes to managing money, new research shows.
According to the Bridlington branch of Citizens Advice, more than 300 new cases of consumers developing difficulties in meeting loan payments and other demands on their spending have been taken on by the advisory service over the last year. Consequently, money problems are now the largest single issue dealt with by the branch, accounting for 40 per cent of all enquiries it receives and have surpassed welfare rights, reports the Bridlington Free Press. Overall, the average client visiting the east Yorkshire office is some 14,000 pounds in the red, with a debt consolidation loan one possible way for people to get their finances back on track.
Findings from the advisory service also indicated that single people are the most likely residents in the town to struggle with their money, as a quarter of those approaching the bureau about debt over the last year were of this marital status. Meanwhile, 20 per cent were single parents, with 17 per cent being couples. In addition, one in ten were pensioners, while 18 per cent have a family.
Just under one in five people from the town are developing problems in making repayments on loans or overdrafts, while over a third are struggling with debts accrued on credit cards. However, the advisory service reported that more consumers could find themselves under financial strain in the new year as a result of spending during the Christmas period.
Yvonne Kurvits, manager of the Bridlington branch, told the publication: "The availability of credit is one reason, increases in interest rates don't help and in Bridlington we have had big employers move away or go out of business. The difference between now and years ago is it is now perfectly acceptable to get credit. Most people's grandparents didn't buy anything on credit and maybe only a few on hire purchase, but it is so available now that it is part of how we live these days."
She added that the "full spectrum of society" are beginning to develop problems in managing their finances as a rising number of older people are borrowing money to help their children and grandchildren get to grips with their spending. As a result, Ms Kurvits advised consumers against "being smug" and thinking that they will not develop problems in paying loans and credit cards, as any change in their circumstances could see people find themselves in an untenable fiscal position.
As a result, consumers who are concerned that their ability to manage their money may be coming under severe difficulty could find a debt consolidation loan as a solution to their financial problems. Earlier this month, James Falla, director of Thomas Charles, reported that drawing up a budget is one of the first things those Britons worried about their spending should do. By creating such a plan, he pointed out that people may be able to find themselves able to pay home loans and other constraints on their expenditure, thus leaving their spending in a much better position for the new year.
Related Tags: debt, loan, loans, credit, personal, secured, people, are, all, kinds, struggling, financially
Mark Dawson writes for the the Loan Arrangers where you can apply online for low rate loans, you can also compare loans online, bad credit loans applications welcome.Your Article Search Directory : Find in Articles
Recent articles in this category:
- Personal Finance & The Needed Momentum
Possession of personal cash flow plan and the dream of having financial freedom might make it harder
- Need An Ebt Card Or Food Stamps?
Applying for food stamps can be a very overwhelming and embarrassing task. Knowing what to expect th
- Quick Money Loans What You Should Know
If you are looking for a quick money loan there are a few sources available, and just like any other
- Same Day Cash Loans - Quick Help When Fiscal Requirements Force You
Life of human being is completely dependent on cash that establishes the life of one comfortable or
- Unemployed Loans - Don't Accept Debacle Against Fiscal Requirements
In today's time, what imperative complication is increasing at the rapid pace for people? It is the
- Get A Secured Credit Card To Rebuild Your Credit
The recession has spoiled the financial plans of many. Some have maxed their credit cards out, other
- Ways To Create Profitable Cfd Trading Strategies
Understanding the connection between 2 significant ratios is the key to having winning CFD trading s
- Can I Save Money At An Outlet Store?
Everyone loves to know they are getting a good deal when they are shopping for something. It could b
- Used Car Donation Program Worth The Cause?
Used car donation program may not be the best option for many. Before you call me selfish and Paroch
- Who Controls A Business's Asset When It Files For Bankruptcy?
Individuals who wake up and find themselves knee deep in debt, with no recourse to repay the debt, h
Most viewed articles in this category:
- Proposed Changes to Bankruptcy Law in Scotland
A bill has been proposed in Holyrood, the Scottish Parliament, which would align Scotland’s ba
- How To Create Your Own Emergency Fund
Do unexpected car repairs, quarterly insurance payments or unexpected medical bills find you hard pr
- How To Make A Personal Budget
There are many types of budgets that people use in their daily life. For instance, there are budget
- Easy Cash Loans To Meet Immediate Cash Need In The Most Convenient Way
A financial crunch can happen to anyone at anytime in life. A few years back, I was stuck in the sam
- Credit Counselors Offer Advice to Avoid Debt This Christmas
The holiday season is a great time of year for most of us, but it's also a time of year when we want
- Save More/Spend Less - Become a Saver not a Spender
Our personality and lifestyles affects our ability to save. Most every action we take (including tho
- Saving Money In College
Have you ever found yourself eating Cheerios for dinner while sitting in your dorm thinking about ho
- Seek Unsecured Loans And Avoid The Threat Of Repossession
It is quite natural that people don't want to have the threat of repossession of their property whil
- Investing - Tax Shelters Equals Big Fine For KPMG
What happens when a world renowned accounting firm decides to market tax shelters to its elite clien
- Teaching Kids to Save--It's More Than Just Numbers
Did you know?<b>• The fastest growing group of bankruptcy filers is those 25 and you