A new report from The Children’s Society and StepChange Debt Charity has revealed that around 2.4m children are living with families with problem debts.
The report entitled The Debt Trap also showed how a further 5m children are in families that are struggling to keep up with repayments.
The findings show that these financial difficulties can cause psychological damage to children and cause them to ensure anxiety and bullying from classmates as they go without daily essentials.
Almost half of children in families with debt problems say that their financial difficulties causes arguments in the household while 58% said they are worried about their family’s finances.
90% of families struggling with debt say that they have had to cut down on essentials such as food, clothing and heating for their children to keep up with repayments.
Many families who are struggling with their bills believe that taking on more credit is the only way to make ends meet but ultimately this makes things much worse.
If you are struggling with debt, there are options available to you.
The Debt Advisor can advise on all kinds of debt solutions such as Protocol Compliant Debt Management Plans (P-DMP), Individual Voluntary Arrangements (IVA) and Bankruptcy.
We are regulated by both DEMSA and DRF and we adhere to their codes and standards. The Debt Advisor LTD is also authorised and regulated by the Financial Conduct Authority.
Call us today on 0800 0851 825 to speak with one of our advisors. If you’re calling from a mobile you can reach us on 0161 868 2500.