UK MAS Research Indicates Rise In Individual Debt
Recent research has shown that one in six adults in the United Kingdom (UK) is in danger of experiencing a debt crisis. The research covered 26,000 people across the nation and that found 15.4 percent of them regularly miss bill repayments or get overwhelmed by their outstanding debt.
The study was carried out by the Money Advice Service (MAS), an independent body which is backed by UK government. The research shows that up to 10 percent of the population are struggling with debt problems but are reluctant to admit to it. Young adults, large families,single parents and those renting homes are particularly at risk of experiencing significant debt problems.
The MAS noted that issues with debt can be hard to spot as they build over time and people might not recognize the full measure of the problem before it becomes a crisis. Many often deliberately hide the problem as they want to avoid embarrassment or just avoid facing it. Given this, MAS has urged friends and family to keep an eye out to support individuals who have this problem and help them address the same.
The MAS report has identified eight symptoms that can be indicative of someone suffering from debt problems. These signs can alert people around them of their money struggles.
The symptoms can be both physical and emotional in nature and include: earlier problems with debt; a recent life event like arrival of a new baby, job loss, or a divorce; regularly living beyond their means; reduced interactions with friends; avoid talking of finance; reduced or increased expenses; trouble with sleeping and fatigue and unexplained weight loss or gain.
According to MAS, debt advice can help people significantly. The report pointed out that within 3 months of getting debt advice, nearly 65 percent were in the process of repaying their debts, or had paid them off in full. The report also informs people that free debt advice was now available in the country.
In a statement Sheila Wheeler, director of debt advice at the MAS said
With one in six people in the UK at risk of a debt crisis, there is a high chance that someone close to us may be struggling with money troubles. We are calling on friends and family to watch out for the signs someone might need help and to support them to access free debt advice as soon as possible
Wheeler also urged people with money troubles to take advantage of the free debt advice so that bigger financial crises can be averted.
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