Statistics published by the debt management industry demonstrates just how gravely women are struggling with debt. Unemployment is a major factor in the problem and is causing a large number of individuals to seek debt solutions such as a DMP for assistance.
Even some households where there are two parents in work are finding it impossible to make ends meet. The survey's respondents admitted that in almost 70% of cases, they are less well off than last year, and did not have sufficient finances to manage on a week by week basis. This alludes to the fact that the need for debt management like a DMP will increase as individuals try to find a method of bringing their costs in line with their income.
Also brought to light in the survey was the fact that a fifth of the mums who repsonded are frequently not eating meals so their children can eat. Debt management plan advisers often talk to people who have made severe cutbacks in a last ditch attempt to keep up with debt repayments as well as their other expenses.
Debt management plan numbers are also likely to be driven upwards if the responses to the survey are reflected in the wider community, as almost a 25% of the survey's respondents have become reliant on sources of everyday credit to pay for everyday items. Another bad omen which points to the fact that the requirement for DMPs will increase more widely is the boost in those who are dependent on short term sources of credit to make ends meet, with nearly 25% admitting to using credit cards to cover everyday expenses. This is indicatory of a negative debt spiral, where so much income is being consumed by debt repayments that there is not enough disposable income remains to cover essential items. A DMP is one option available to those struggling with their debts to address and resolve this type of debt spiral.
One element of the survey that was of a lot of concern to debt management plan advisers was the fact that one in every 20 of those individuals of those surveyed admitted to having used a payday loan service one or more times. Debt management plan firms have become highly critical of payday loan companies as a result of the quantity of DMP customers who have been left in a real financial mess because of excessively expensive credit options.
The situation for women, and especially for amongst individuals who have dependents, seems likely to become even worse the near future. It is thought that around three quarters of a million public sector workers will be made redundant over the coming 5 years and up to 80% of the current public sector workforce is female. Fewer jobs amongst women will sadly cause debt problems creating more demand for the assistance of a debt management plan professional.
It's a real cause for concern that certain demographics stand to be particularly affected by the macroeconomic climate around the United Kingdom and by public sector cuts in particular. There are those that will inevitably turn to sources of credit to keep up with their unavoidable expenses until there comes a point when they can return to work. Individuals who already have credit commitments may discover that insolvency solutions or a debt management plan may be the only measure to deal with their debts, even when they have resumed a normal working life.
Also brought to light in the survey was the fact that a fifth of the mums who repsonded are frequently not eating meals so their children can eat. Debt management plan advisers often talk to people who have made severe cutbacks in a last ditch attempt to keep up with debt repayments as well as their other expenses.
Debt management plan numbers are also likely to be driven upwards if the responses to the survey are reflected in the wider community, as almost a 25% of the survey's respondents have become reliant on sources of everyday credit to pay for everyday items. Another bad omen which points to the fact that the requirement for DMPs will increase more widely is the boost in those who are dependent on short term sources of credit to make ends meet, with nearly 25% admitting to using credit cards to cover everyday expenses. This is indicatory of a negative debt spiral, where so much income is being consumed by debt repayments that there is not enough disposable income remains to cover essential items. A DMP is one option available to those struggling with their debts to address and resolve this type of debt spiral.
One element of the survey that was of a lot of concern to debt management plan advisers was the fact that one in every 20 of those individuals of those surveyed admitted to having used a payday loan service one or more times. Debt management plan firms have become highly critical of payday loan companies as a result of the quantity of DMP customers who have been left in a real financial mess because of excessively expensive credit options.
The situation for women, and especially for amongst individuals who have dependents, seems likely to become even worse the near future. It is thought that around three quarters of a million public sector workers will be made redundant over the coming 5 years and up to 80% of the current public sector workforce is female. Fewer jobs amongst women will sadly cause debt problems creating more demand for the assistance of a debt management plan professional.
It's a real cause for concern that certain demographics stand to be particularly affected by the macroeconomic climate around the United Kingdom and by public sector cuts in particular. There are those that will inevitably turn to sources of credit to keep up with their unavoidable expenses until there comes a point when they can return to work. Individuals who already have credit commitments may discover that insolvency solutions or a debt management plan may be the only measure to deal with their debts, even when they have resumed a normal working life.
