Debt management could aid 12 million struggling Brits
Debt management could aid 12 million struggling Brits
Thursday 24th September 2009
A recent report from Bright Grey found that 25 per cent of the population were finding it hard to stay on top of their monthly outgoings.
Entitled the Reality Gap Report, the survey also discovered that the number of people struggling to manage their financial situation would rise to 39 per cent if monthly bills increased by up to £50.
Currently, the average UK citizen spends £1,378 per month on bills and items deemed essential. This equates to 68 per cent of the average income.
Proposition director at Bright Grey Roger Edwards said: "The report reveals the average Brit is just £155 away from a money meltdown.
"The frightening truth is that many Brits are already struggling to afford their monthly bills - and all it would take is a small increase in bills or drop in income for people to find themselves in trouble."
The recession is cited as being the predominant factor behind the widespread money woes, though a number of large bills are mentioned as particularly affecting.
These include mortgage payments, monthly shops and fuel bills, which have risen by 325 per cent since 2003.
Should the average monthly expenditure increase by just £100, Britain would find over half of its population (55 per cent) struggle to manage their finances.
Those who are already finding it difficult to cope could find it helpful speaking to a debt management professional.
News article brought to you by Debt1 – UK debt management specialists
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