The fact that many people in the UK are facing serious debt problems is something with which almost everyone is very familiar. What may surprise them is the number of children who are affected by this debt problem, a figure estimated in a recent research project by the Children’s Society (in collaboration with Step Change) to be in excess of 2.5 million. The families in which these children and young people live are believed to be in a cumulative debt of around £5 billion and these debts are causing hardship to the children as a knock-on of the circumstances in which their parents struggle.
Bullying is only the start
With so much of society being led by consumerism, children who don’t have the latest ‘must have’ gadgets and clothes can be stigmatised and bullied by their peers. Apart from this obvious situation, which is being played out in front of everyone at school, there is the private problem of the worry of having parents who are clearly unhappy and stressed and of living in a household where arguments are the norm. When polled, 58% of children living in families with problems over debt said that worried about what might happen and this in many cases has a serious effect on schoolwork and health, with many children lying in bed worrying about something they can’t fix.
The most worrying statistic of all
Although bullying, tension and arguments are worrying events, perhaps the most concerning is that 90% of families struggling with debt are going without essential items such as food, heating or clothing in order to try and keep up with what payments they can. The problem in this situation is that as well as personal borrowing which is out of control, people often then end up with arrears on utilities bills and other regular payments, they become unwell through inadequate diets and the situation worsens at an increasingly alarming rate as the situation rapidly worsens.
There is no stigma
People don’t tend to share the fact that they are short of money with their families and friends because they feel ashamed and this means they can feel very alone and vulnerable. Sharing the burden is actually the start to putting things right, but it can take people a while before they feel that they can share. Often though, when they do, they find that many of their friends are in a similar position and although this is not a solution to the problem, it often gives them the strength to pull themselves together a little, stop being worried and stressed and set out to find a way to make things better for both themselves and their families.
When you call Dissolve Debt, one of our very experienced staff will talk you through the situation in which you find yourself, discussing the options that are available and how they would work for you. You can call us on 0800 0122 111 from a landline and we even have a different number – 0161 926 7670 to make it cheaper for you if you are calling from a mobile. We really want to help you turn your financial life around, so why not call today?