The effects of the 2007-08 global financial crisis are there for everyone to see. Rows of empty shops demonstrate how challenging small and local businesses have found coping with the unexpected crash after years of prosperity. Despite there being a new government, nearly a historic referendum and a home Olympics, millions are still struggling to make ends meet. Progress has been unsurprisingly slow due to austerity measures, but could the public be in danger of being recipients of more economic woes?
According to the Organisation for Economic Co-operation and Development (OECD) the UK has made a pretty strong economic recovery with growth for 2015 expected to match last year’s levels. However, that’s not to say we are guaranteed a rosy financial future. This leading economic think-tank are worried about an unstable Eurozone along with Britain’s expensive house prices and large banking sector. Countless residents are finding it more difficult than ever to buy a house that they can afford, with renting suggested as being safer by some economists.
Unfortunately, renting can be expensive and combining regular payments such as food and household bills leaves some taxpayers in financial bother. With inflation rising and wage rates remaining stationary it is not surprising the rising cost of living is taking its toll on families and poorer residents. This leads to be slipping into debt and feeling the pressures of ongoing large payments to energy companies and other much-needed expenditure. Although it may not seem like at, there’s light at the end of the tunnel.
Dealing with debt on your own is a gut wrenching feeling and everyone with serious money troubles should contact a free and impartial company like Trust Deed Scotland. Our sole aim is to help clients reduce and remove their arrears by creating affordable repayment plans. A debt of £5,000 will typically be written off within 48 months if you have steady employment and stick to the agreed payment strategy. This keeps creditors off your back and, in most cases, allows you to keep living in the comfort of your own property.
With the election coming up in May all parties are targeting certain groups in order to win their support on polling day. Whoever wins the keys to Number 10 could be under intense economic pressure next Parliament, OECD suggest:
“The sustainability of economic expansion and further progress in living standards rest on boosting productivity growth, which is a key challenge for the coming years … Weak export performance and productivity could be driven by infrastructure weaknesses and difficult access to bank finance, especially for small and medium-sized enterprises (SMEs), holding back the emergence of new firms and high-skilled jobs,” said their report.
What is clear is too many debt sufferers suffer in silence and require urgent solutions that will not result in paying back more than they owe. Payday lenders are not a viable solution, but consulting with independent debt advisors is so email us at email@example.com or fill out your details here if you’d like us to call you back.