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Living on a debt solution

Have debt worries forced you to sacrifice too much?

Posted 04 February 2014 by Shelley Bowers

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Tight finances are forcing many Brits to make sacrifices … and debts could make this problem even worse.

Money worries often mean making cutbacks.

However, your cutbacks might have become sacrifices, and if it’s still not made a difference, you could be in danger of giving up too much.

If you feel like you’ve reached this stage, you’re not the only one. Our research* shows that nearly two-thirds of Brits have made sacrifices because money is tight at home. However, many people aren’t just giving up luxuries, but things that are essential to their wellbeing … like time with their families or relaxing at home.

 

All work and no play

Worryingly, many Brits have made the choice to sacrifice their free time so they can take on a second or additional job on top of their existing employment. Nearly one in five of the people we spoke to said they had done this because their family’s finances are strained … yet by working longer hours they may also be sacrificing the time they have to spend with their loved ones.

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And a lot of Brits can’t even look forward to spending longer with their family when they go on holiday, as an annual break was one of the main things people have had to give up. Just under two-fifths of Brits have sacrificed going on holiday in the past because their family finances were tight. That’s equivalent to a staggering 19.1 million people across the country.

 

Other sacrifices tight finances were forcing people to make included staying at home to care for their children so they could return to work instead (8%); selling their belongings (31%); and cancelling their insurance cover (11%) … which is a risky move and could leave their finances in an even worse state if something goes wrong.

 

Too many sacrifices

While money may be tight for a lot of Brits at the moment, if you have debts you’re worrying about it’s likely you feel as though you’re having to make one sacrifice after another. Sacrificing luxuries is one thing, but if you’ve started cutting back on essentials like your heating or even food, it might be time to seek help to solve your debt problems once and for all.

 

At Debt Advisory Centre, there’s someone just a phone call away (and we are happy to ring you if you request a call back) who can offer you expert debt advice and help with clearing your debts. Speak to us and we will do our best to find the debt solution that most suits your circumstances.

 

*Consumer Intelligence research carried out a survey of a representative sample of 2,940 UK adults from 9th to 16th October 2013. Figures have been extrapolated to fit ONS 2013 population projections of 50.3m UK adults.

by Shelley Bowers

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To find out more about managing your money and getting free debt advice, visit Money Advice Service, an independent service set up to help people manage their money.