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Millions Struggling With Debt

Written By On 27/11/2013

The Money Advice Service conducted a survey that revealed a staggering eight million and eight hundred people across Britain experiencing major financial problems. That translates into almost one in five people within the United Kingdom that are in debt and floundering to get back on an even keel.

The MAS took this report further than previous ones to detect how people were also being affected by their predicament, both emotionally and physically.

It was not surprising to hear that the immense strain was proving to take an adverse affect on their health and giving some of them emotional pressure that many felt they were unable to handle.

Spokeswoman Caroline Rookes is concerned that most of them that are battling against their money worries do not even consider asking for aid of any sort, including free professional advice.

The chief executive says:

We know free advice transforms lives and the sooner people access it, the better, to take steps to improve their life for good.

The most affected areas appear certain areas of England, where the rate that are struggling more than doubles the rest of the UK.

Hull has come out at the top of the pile where over forty three per cent are falling into trouble with debt. The Merseyside areas of Liverpool and Knowsley are only just behind along with Manchester and Nottingham.

As Cash Sorted reported in an earlier article a few days ago Personal Debt Too High Britain's personal debt is approaching an all time record high and it is standing at 1.43 trillion pounds.

In contrast, BOE Governor Mark Carney commented yesterday:

The economy is the strongest major advanced economy in the world. The rate of growth is near four per cent, that is not our forecast year on year, but the economy is picking up sharply. Around sixty thousand jobs are being created a month and these are high quality private sector jobs and mostly full time.