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Ignorance is not Bliss

Written By On 20/01/2014

Debt charity StepChange say that more British people than ever are having financial difficulties and are struggling to pay off their debt. However, what they find most disconcerting is that many of them show no ability in recognising their problem.

To that avail, they have introduced 'Debt Awareness Week', in order to help these particular debtors. The charity's chief executive Mike O'Connor commented that

too many people are not taking action to deal with their debt problems.

Mr O'Connor offers this advice

The sooner they take action the easier it will be to solve the problems they face. Problem debt can have a devastating impact, not just on individuals but on families and whole communities.

Many of these borrowers have used a credit card, unauthorised overdraft or short term loan to pay for the most basic things in life, such as rent, food and clothing. Others have had to take out some form of a loan out to cover an unexpected emergency or crisis which is just as understandable.

StepChange believe that around one in four of them have just buried their heads in the sand and consequently made the problem far worse than it might have been.

The organisation say that their research suggests that up to fifteen million people within the UK are experiencing hardship in paying off what they owe and estimate that approximately four million of them choose to ignore it.

Obviously, if they do not address their financial obligations, interest will accrue and everything will become more impacted. This can cause emotional and psychological problems which often can be avoided if they spoke to their lender as early as possible.

For help and advice you can check out StepChange's Debt Awareness Week.