The Money Charity have released their debt statistics for September 2023.
Remember that you can view the statistics from last month here in order to compare with the September 2023 debt statistics.
The headline for this month’s statistics from the Money Charity was that bills are piling up for UK households. Indeed, the statistics show that the fall in the rate of inflation has slowed, with a decrease of just 0.1% last month at the same time as petrol rising fast.
The Money Charity also highlighted that the reported figures are only estimates and therefore the reality is much more difficult for many. 1 in 4 people have stated that they are behind on at least one bill and Citizens Advice Bureau reported that they are seeing the most calls come through in their history. They have even stated that their callers are living on empty and the Money Charity further strengthens this view with stating that the rising costs are having a negative effect on households’ financial resilience, which is a person’s ability to cope with an unexpected financial shock. Their reports show that 17% of UK adults have £0 or less in their current accounts the day before payday.
If the past year has had a negative impact on your financial situation, or you are facing increasing debt costs over the next few months, feel free to call us for a discussion on what debt solutions could be available to suit your personal situation.