{"id":27149,"date":"2022-05-06T21:43:04","date_gmt":"2022-05-06T21:43:04","guid":{"rendered":"https:\/\/tahrir2day.com\/news\/2022\/05\/06\/families-face-debt-squeeze-as-prices-keep-rising\/"},"modified":"2022-05-06T21:43:04","modified_gmt":"2022-05-06T21:43:04","slug":"families-face-debt-squeeze-as-prices-keep-rising","status":"publish","type":"post","link":"https:\/\/tahrir2day.com\/news\/2022\/05\/06\/families-face-debt-squeeze-as-prices-keep-rising\/","title":{"rendered":"Families face debt squeeze as prices keep rising"},"content":{"rendered":"
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A resurgence of cases where people can’t cover their debt repayments is expected, a charity has warned, as the cost of living weighs on family budgets.<\/b><\/p>\n<\/div>\n

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Debt counselors are urging people struggling with existing debt to make new arrangements about how much to pay back each month.<\/p>\n<\/div>\n

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This made the basics affordable again, a father told the BBC.<\/p>\n<\/div>\n

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Prices are rising at their fastest pace in 30 years, putting another strain on people’s finances.<\/p>\n<\/div>\n

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Many thousands of people have Debt Management Plans (DMPs), often when they owe a multitude of companies money they cannot afford under the original arrangement. <\/p>\n<\/div>\n

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Creditors are offered a lower but regular payment that occurs each month. This is to stave off the likelihood of default, and in return lenders tend to freeze interest or further fees.<\/p>\n<\/div>\n

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Prices, measured against inflation, are currently rising rapidly \u2013 \u200b\u200bfaster than at any time since 1992. This means that some people who previously met their DMP repayments are now having a much harder time. Rising domestic gas and electricity bills and accelerating price hikes are likely to add to the strain.<\/p>\n<\/div>\n

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Sue Anderson of debt help StepChange, which negotiates DMPs, said: “During the Covid pandemic we have seen an increase in the number of clients who have been temporarily unable to make their scheduled payments on managed debt solutions and now it is seeing it so we’re going to see a resurgence of that as a result of dramatic increases in the cost of living.”<\/p>\n<\/div>\n

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Among the charity’s customers, nearly twice as many said the rising cost of living was a key reason for getting into debt in March, compared to six months earlier. <\/p>\n<\/div>\n

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It was the third most common reason given, behind lack of financial control and unemployment or layoffs.<\/p>\n<\/div>\n

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Speaking to BBC News in December, Andy Barwell urged others to learn from his example that you can’t live “a champagne life on a soda budget”.<\/p>\n<\/div>\n

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Debt had brought him to the abyss, but he had gotten his life back on track. Now, six months later, he says even he needs to act as utility bills and rent have risen.<\/p>\n<\/div>\n

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\u201cEverything seems a bit tighter now. For now, all goodies had to stop, not that there were many before.<\/p>\n<\/div>\n

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“I have contacted [Stepchange] and changed my repayments to something more affordable. It means my debts will take longer to be paid off, but at least I can afford the necessities and know that my debts will be paid and there will be no interest or additional costs.\u201d<\/p>\n<\/div>\n

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Sara Williams, who writes the Debt Camel blog that has covered the topic, said signs of trouble need to be addressed early.<\/p>\n<\/div>\n

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She said the prospect of more price hikes means anyone struggling now should ask themselves how they’re going to weather the next three months or more.<\/p>\n<\/div>\n

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Among the telltale signs, she said, was people reaching for a credit card as the only way to pay for in-car fuel.<\/p>\n<\/div>\n

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“If you’re struggling now, ask for a discount, but be realistic,” she said.<\/p>\n<\/div>\n

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She added that creditors would not want inquiries to be commonplace and that borrowers could always increase repayments if the situation improves.<\/p>\n<\/div>\n

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Scammers pose as debt and financial advisors online and on social media. You can get real and free advice from:<\/p>\n<\/div>\n

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  • StepChange – via their website and by phone during opening hours on 0800 138 1111<\/li>\n
  • Use the Debt Advice Locator tool on the government-supported MoneyHelper service website to find free advice in your area<\/li>\n<\/ul>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

    A resurgence of cases where people can’t cover their debt repayments is expected, a charity has warned, as the cost of living weighs on family budgets. Debt counselors are urging people struggling with existing debt to make new arrangements about how much to pay back each month. This made the basics affordable again, a father […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mi_skip_tracking":false,"footnotes":""},"categories":[45],"tags":[],"class_list":["post-27149","post","type-post","status-publish","format-standard","hentry","category-business"],"yoast_head":"\nFamilies face debt squeeze as prices keep rising - Tahrir News<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/tahrir2day.com\/news\/2022\/05\/06\/families-face-debt-squeeze-as-prices-keep-rising\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Families face debt squeeze as prices keep rising\" \/>\n<meta property=\"og:description\" content=\"A resurgence of cases where people can’t cover their debt repayments is expected, a charity has warned, as the cost of living weighs on family budgets. 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