Why Debt Awareness Week Matters
It doesn’t matter which rock you have spent the last few months living under, chances are debt, and the rising cost of living prices have found their way to you.
2022 is the year where debt discussion is more vital than ever before. What has, for many, either been quietly brewing or was a nagging worry in the back of your head is now front and centre. With the cost-of-living crisis currently affecting the UK, many who have previously had no experience with debt and money worries will be receiving a stark reminder.
With grave financial headlines snowballing in frequency from the likes of ‘business insolvencies double’ being the headline of the week to becoming the headline of the day, to basically just the headline of the hour. We are being bombarded every minute with a new daunting statistic about the UK’s current financial future.
This is why conversation around debt is currently vital to help the most vulnerable to debt get awareness about the current crisis. It’s currently estimated that one in five people are expected to fall into debt this year and that one in seven are already behind on at least one of their current household bills.
This is why MoneyPlus are getting behind #debtawarenessweek an awareness campaign to help fuel discussion around debt and to share resources to help those currently struggling with unsecured debts.
It is warned that if energy bills hit £3,000, which has been suggested could happen, vulnerable households will spend £1 in every £6 they earn on energy costs. This is why it is vital to make sure people are equipped with the best resources and advice they can in the coming months.
Debt may become a reality for the first time for many this year. But, together we feel it doesn’t have to be a frightening reality. MoneyPlus are committed to help those seeking financial advice and debt guidance. We are an FCA certified debt advice company who have helped clear over 7 million in debts across the UK.
We can save an average household £239 on their monthly debt repayments and with the current cost-of-living this extra saving each month can be the difference between further debt and being able to afford your monthly household bills.
We urge not only people but companies and employees, who feel their staff or customers are in need of financial help, to reach out and refer their staff or clients to us. It’s currently estimated that the rising energy costs will push two in five families into debt. It’s also predicted that tenants will face an extra £1000 on their rent and bills in 2022.
What is clear is that debt is no longer a non-issue for most, we can no longer avoid talking about debt, but together we know we can make debt less frightening and something manageable for those affected.
This is why #debtawareness week in 2022 is a vital platform to get the message out for the difficult year ahead. We hope those in positions of influence will continue to advocate and push debt advice in the coming week and throughout 2022, letting those that are struggling with rising costs know that help is out there.
Consultations on average take around half an hour and we can work to create a financial plan that has you in mind. Talking about debt can be difficult but we aim to make it easier than ever to take that first step. For more information or to speak to an advisor follow the link below and remember to continue discussing using #debtawarenessweek