Families Face Debt Just To Pay Grocery Bills
Published: 5 March 2012 By Julian Stone Leave a Comment
New research shows many are struggling with their finances, with nearly 20% already going into debt just to pay their grocery bills and more likely to do so.
A report by Which? shows that the rising cost of living, couples with frozen wages, is causing Britons to struggle with their day to day expenses, such as groceries.
For some this means dipping into their savings accounts, for others it means going into into debt.
People are having to change their habits too to better manage their personal finance matters.
For example, some are turning to socialise at home rather than at the pub and some are resorting to trying to find bargains at secondhand or charity shops. Others are looking at cutting their annual holiday.
MoneyHighStreet.com comments: “So many people are really struggling now and for many this has got to the stage of their outgoings regularly exceeding their income. They are facing debt problems which will not go away.
“To cope, as well as dipping into savings, some are borrowing money and even using credit cards to fund day to day living costs. But if you are needing to borrow money and yet cannot repay the debt, if your outgoings consistently exceed you income, it really may be time to seek professional advice.
“Of concern is that despite the fact that many are facing debt problems, few seek debt advice. This really isn’t sensible.
“You can contact organisations such as the Citizen’s Advice Bureau, the National Debtline or the Consumer Credit Counselling Service to get some free, independent debt advice from the experts.
“Make sure you get the best prices on the products you do buy. Many consumers are now shopping online and using such as voucher sites to get the best deals.
“If you can, plan expensive activities, such as your summer holiday, well in advance too. That way, you hopefully have time to save money to pay for it and also take advantage of any special offers available.
“Work through you holiday checklist of things to do and take in advance too.
“For example plan your holiday travel money in advance too. Don’t wait and exchange money at the airport bureau de change as this could cost you a lot more. Instead consider using a debit card or prepaid card such as offered by FairFX or CaxtonFX.”