When does financial difficulty become serious financial difficulty?

Research by Scottish Provident* has found that the average person only considers themselves to be in serious financial difficulty once their debts exceed £15,837.

This increases to £16,646 for 18-34 year olds but is slightly lower for over 55s at £14,424.

A few signs which might indicate you’re in serious financial difficulty include:

  • You hide your credit card bills in a drawer each month without opening them
  • You’ve recently been refused credit
  • You rely on your credit card to pay for everyday expenses
  • You can only afford to pay the minimum repayments on your credit cards
  • You’ve missed payments on your rent or mortgage
  • You’ve been receiving final demand letters from your creditors
  • You’re finding it difficult to sleep at night because of financial worries

If you need help with your debts, contact us today.  We may be able to help.

 

* Source – Credit Action February 2011

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