Get to grips with your debts – Experts give advice to help struggling families tackle their money problems – Daily Record

MANY families are bearing the burden of problem debt as households see their outgoings surpass their income for the first time in nearly 30 years.

The average person has outgoings of 26,800 a year but only has a disposable income of 20,200, says the Office for National Statistics (ONS).

This means they need 6600 a year more than they take home after tax. Debt has been ballooning since 2013, and unsecured borrowing has now hit an all-time high.

Glenn Everett from the ONS said people were more gloomy about their well-being.

He said This may be due to worries about rising debt repayments, which could be driving concerns about their future financial situation.

Benefit changes with rising living costs have hit many people with more than …

Read the full article at: https://www.dailyrecord.co.uk/lifestyle/money/grips-your-debts-experts-give-13967432

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