Debt and spending down amongst debt charity clients

Debt and spending down amongst debt charity clients

Over the past few years, financial concerns and problems have affected many households in the UK, with soaring living costs and frozen or reduced income having a real impact on consumers. However, according to one leading debt charity, many people have reduced their debt and their spending although they are still struggling with their finances.

The information comes from the Consumer Credit Counselling Service which provided a snapshot of current consumer debt in the UK. The data showed that in 2011 its clients were actually in less debt than they had been in previous years and that they were also spending less money. However, the debt charity said that despite the more encouraging figures with regards to debt levels and spending, many people were still struggling with finances and debt.

Officials from the Consumer Credit Counselling Service said that they were very concerned about the current situation for many people, adding that youth unemployment, the high cost of renting properties, and the rising number of people that were carrying debt into their later lives were all matters of concern. The CCCS also said that although debt levels and spending may have decreased it seemed that many people were still struggling with money.

For many people the burden of credit card debt, loans and overdrafts coupled with the high cost of living, frozen or reduced income and financial uncertainty is have a profound negative effect on their financial situations. Many people have tried to address the problem by cutting right back on their spending, which explains the reduced spending levels that have been seen by the CCCS for 2011. However, in some cases this reduction in spending simply hasn’t been adequate to ease the financial strain for those with debts and financial issues.

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