As the UK faces up to public sector cuts – some 600,000 jobs will go within six years according to the Office for Budget Responsibility – it is increasingly important that if you are in debt, you have access to the right advice to help you tackle any personal debt issues.
With job losses, pay freezes and benefit cuts all likely to be a feature of the coming years, the repercussions will be felt far beyond the public sector. Some private sector employers are likely to face reduced income from public contracts for example, which may lead to further cost-cutting measures.
As redundancies take effect, many people who were just about coping with personal debt could suddenly find themselves out of their depth and unable to meet repayments.
Although the hope is that the private sector growth will offset public sector losses; how that will ultimately play out is unclear for now. For those who do manage to secure new posts, figures from the Office of National Statistics suggest many will earn less than before; the ONS reports that in the three months to May 2010, the number of part-time workers in the UK rose by almost 150,000.
If you find yourself struggling with debt and unable to keep up with your repayments, contact us today.