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