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Debt worries in the UK hit all areas

For those who are struggling with debt, times can be tough. When money worries lie heavy on the mind, it’s not unusual to feel alone in such a predicament. A new interactive map available to view online has highlighted exactly how much of an issue debt in the UK is – from Penzance to Kirkwall, debt is spread across the entire country.

While larger cities display the most cumulative debt, there are still more remote areas in which people seek advice for debt management. In this modern-day culture of buy-now-pay later, and constantly rising prices for life’s essentials, it’s no surprise that debt in the UK ranks up to an eye-watering sum.

Launched by Payplan.com, the interactive map offers up a comprehensive breakdown of more than 40,000 people according to postcodes. The map is meant to show those who are struggling with debt that they are not alone.

The big issue

Payplan Director Jason Eaves has said: “We know that on average only one in six people with debt problems will seek help. Often these people feel isolated and alone and don’t know where to turn.

“What this map clearly shows the scale of the problem throughout the UK and we want people to be aware that free debt help is available.”

In the last year, Payplan witnessed a significant increase in the amount of people asking for debt management advice. With some months seeing more than 10,000 enquiries, their advisors are dealing with the equivalent of one call every 20 seconds.

According to the debt advice service, clients only a few years ago were predominantly those on low incomes and living in rented accommodation. Now, advice is requested from home owners, families and those who are retired. Some have debt levels of around £200,000.

Stuck in a rut

Despite the fact that European economic affairs ministers have reported that the financial crisis is over, Jason Eaves disagrees.

“Right now we are being told that the economy is “out of intensive care” but there are still a few years ahead where people will continue to struggle financially,” Eaves affirms.

“Currently there are 2.5m unemployed and many others who have had to take jobs that pay less than their previous roles.

“Many families have seen their budgets squeezed. Some parts of the country are in recovery while other parts are still in decline; but even in more affluent areas if wage increases have not matched the rising cost of living then debt is still a problem.

“Many people are struggling to make ends meet, so if mortgage rates rise and gas and electricity prices increase it will push many more people into problem debt.”

This was posted in Bdaily's Members' News section by David White .