More people are struggling financially

Looking around for the best loan interest rates available has never been more important than in the current climate.

David Rodger, managing director of registered UK debt charity Debt Advice Foundation, revealed that more and more households and families are struggling to make ends meet at the moment, meaning that every spare penny that can be scraped back is precious.

He explained that more people are turning to debt advisors as the financial climates pinches, with the organisation expecting that more people will turn to the charity as the year progresses.

"We do expect the number of people who require free and impartial debt advice and guidance to increase. The reason for this is two-fold, more and more people are struggling and government funding is drying up, meaning that the role of a self-funding charity like the Debt Advice Foundation becomes increasingly important in today's society," Mr Rodger said.

The first step for anyone who is struggling with debts or worried that they may be on the cusp of a downward spiral is to speak to other people about it and then be proactive.

Creating budgets, calculating debts in their entirety and speaking to creditors are all important things to do if debt is becoming too much of a pressure.

Recently, the editor of CashQuestions.com, Annie Shaw, agreed that the current climate is making it difficult for young people particularly and said that it has never been more important to build up savings.

She said that young people have been particularly impacted as the unemployment rate is currently quite high for youths, both graduates and non-graduates.

Saving is always worthwhile, she explained, as especially at the moment people may need a bit of extra money at hand when things get short.

Moneyextra.com recommends you take independent financial advice before acting on any article

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2011-11-11 13:12:51 © Moneyextra.com