More than a quarter of adults in the North West are worried about their finances according to a recent YouGov poll.
The survey was carried out after the chancellors Autumn Statement and it found that 23 per cent of adults in the North West of England were stressed and concerned about their unsecured personal debts.
12 per cent of respondents in the survey felt that they were trapped in a ‘cycle’ of debt.
Of course if debtors feel this way and are at the cusp of not being able to afford their debts on a monthly basis then it only takes an unexpected expense to tip them over the edge. A broken washing machine or car repair could knock finances out of kilter and mean that person would become insolvent.
What is clear is that many people are barely coping to get by on a month to month basis. This has recently been referred to as ‘Just About Managing’, or JAM for short.
The large proportion of debtors who could be classed as JAM incur a great deal of stress and worry about managing their finances on a month to month basis. It is clear the North West has a significant amount of debtors in this category.
It is important to get a message out to these people on the cusp of becoming insolvent (not being able to afford their debts on a month to month basis) that there is debt advice and help out there.
As always the best and first advice should be to seek debt advice as soon as possible and certainly before defaults start to occur on unsecured lending and credit cards.
If you are concerned about your debts and have found yourself close to insolvency, our experienced solicitors at Farleys Solicitors can provide you with the advice you need. For practical advice, call us today on 0845 287 0939 or complete our online contact form.