Debt Management - Wage & Living Cost Mismatch

Debt management plans for those in the UK suffering with financial difficulty have been thrown into disarray by the fact that wage increases haven't been sufficient to match the increases witnessed in the cost of living.

A report carried out by uSwitch.com has found that the spiralling living costs that are being witnessed in the UK at present aren’t being matched by wage increases and this is causing massive problems for those in financial strife and who are struggling to fulfil their repayments. Debt management plans are an excellent way of negotiating with creditors and establishing a repayment plan that an individual can afford. More and more of those in debt will opt for a debt management scheme to sort out their financial woes.

Debt Management – The Living Cost Crisis

The research carried out by uSwitch.com established that UK workers have been given an average of a £44 per month pay increase which equates to around £11 a week. The problem lies in the fact that monthly living expenses have risen by around £148 a month, which creates a financial shortfall in excess of £100 each month. The debt crisis that currently grips Britain is of grave concern to many in the financial industry and this latest batch of research shows there is little respite in sight for those in financial difficulty. Many will opt for a debt management plan when it comes to sorting out their finances as it will allow a negotiation with creditors to pay back their debts at a level that is achievable for them.

Debt Management – The Main Cost Culprits

One of the main culprits in the increase in living cost debacle is that of petrol. The price of petrol has risen a shocking 18% in the last 12 months and this has created many financial voids that those in debt are incapable of bridging. The wage increases experienced by workers in the UK are simply no where near comparable to the increases in cost of items vital to our day to day lives. Energy bills have also increased by an average in excess of £100 and this is simply unsustainable for those experiencing debt problems. A debt management plan is a good way to regain a grip on uncontrollable debt and will provide a means of paying back debt in an agreed upon time frame.

Speak to Consolidate My Debt about Debt Consolidation

Consolidate My Debt are debt solution experts who offer a range of options to those in financial difficulty. Consolidate My Debt use fully trained debt advisors to ensure they find the right financial solution for you. Financial solutions from individual voluntary arrangements (IVA) to debt consolidation are offered and Consolidate My Debt can consolidate your debt into one affordable monthly payment. To find out more about the IVAs, debt consolidation and other financial solutions on offer from Consolidate My Debt just freephone 0800 158 3654 or email enquiries@consolidatemydebt.co.uk.

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