UK families financially worse off

Wednesday 25th June, 2008 Debt Management news item

The great British family is now £8 a week worse a new study has revealed.

The Centre for Economics and Business Research carried out research, commissioned by ASDA, to look at the impact the credit crunch and the rising cost of living has on us. The results found high costs are outstripping earnings this year leaving the average household poorer to the tune of £8 a week.

The research discovered that the increase in the average households' earnings of 3.6% since last May, was more than canceled out by the 6.5% rise in the levels of national insurance and tax.

It is the opinion of Debtwatchdog that the figure of £8 does not take into account the recent rise in fuel and basic food prices and the impact the crunch is having in the cost of borrowing. For many who are already struggling with debt management and mortgage repayments these figures validate that the financial mess they are already in is not purely down to their lack of fiscal management, but also external factors.

Regardless of who is to blame for the current economic climate the fact of the matter is that if you are suffering stress and anxiety as a result of your debt problems the only thing you can do is to not ignore them. Addressing your debt problem is a thing you can do and by this I mean recognising your faults, understanding how you got into trouble and having a plan to get out of debt, oh and patience! Why patience? Because many who have debt problems are looking for a quick fix and when they don't find one (tip - for quick fixes win the lottery) get depressed and get further into debt.

Debtwatchdog is here to primarily provide you well all the debt help and information you need without having to pick up the phone. Secondly if you feel that the solution to your debt problem is overwhelming and you need help, which is understandable, visit our debt forum . Either way you'll feel better knowing that at last you are addressing your debt problem.