According to new research, millions of people in Briton are struggling under a constant strain of debt, with more and more people seeking advice to help them deal with their debt concerns.
The latest research, which adds to the overall picture that households in Britain are struggling to afford day to day life, let alone luxuries like holidays or eating out, was carried out by the University of Nottingham, on behalf of the Money Advice Trust.
The researchers found that at least 2.5 million people have missed a payment on at least one bill, with as many as ten million claiming that keeping their head above water, with regards to their debts, is close to impossible.
In 2011, the research found that the number of people seeking free debt advice from charities like Money Advice Trust has increased by ten per cent, compared with the year before. The Money Advice Trust’s Chief Executive, Joanna Elson, said, "2011 was a tough financial year for many families across the UK."
She added, “With unemployment rising and wage growth relatively flat, whilst prices are going up, it's going to take a greater proportion of household income to heat your home, put food on your table and petrol in your car.”
She also talked about how taking control of one’s finances is essential and this includes admitting when you can’t afford to make payments and seeking advice and help rather than simply allowing yourself to fall into arrears.
“It is so important that people are aware of and can access the free advice that can make the crucial difference between allowing a difficult situation to spiral into unmanageable debt and regaining control of your finances,” stated Ms Elson.
Several factors have hit the average Briton’s finances over the past year, with ongoing instability keeping people from spending their cash, which has actually meant that many have put more money aside to pay off debts. However, low interest rates have also stopped people using savings accounts and falling house prices are stopping people from getting into the housing market and many are, instead, stuck paying higher and higher rents.
With little spare cash and the threat of unemployment hanging over many of us, now is a good time to sell off any old gold jewellery or
scrap gold hat you have been hanging onto. Not only are
gold prices set to increase to $2,000 per ounce, it is easier than ever to
sell gold for cash online.
The demand for broken jewellery or other unwanted gold items is bigger than ever, as investors increasingly look for a safe haven for their investments. However, they are the ones who can afford to hang onto gold when prices are at record highs, but many of us do not have that luxury.
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