Tag Archives: debt

Debt statistics 2015: what we know about personal debt in the UK

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Today we released our Statistics Yearbook 2015, which is full of information about personal debt in the UK.

How much do people owe on average? What types of debt do they have? Are there some people who are more at risk of debt than others?

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Rent-to-own stores “rip people off” say MPs. We highlight the alternatives

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Rent-to-own

Rent to own now, keep paying much, much later?

Have you ever bought a TV from BrightHouse or a sofa from PerfectHome? Then you might be interested by news that MPs have called for a crackdown on these kinds of stores. This comes after feedback you provided to us last year.

A cross-party group of MPs says the regulator, the Financial Conduct Authority (FCA), needs to take urgent action to stop people from being “ripped off”.

Firms like BrightHouse charge APRs of 94.7% and make customers fork out for expensive cover that can treble the price of household goods.

For example, a washing machine sold for £295 at Co-Op Electricals will cost a whopping £1,092 at BrightHouse once insurance and interest payments are added in.

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8 ways to save money in your extra hour

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Save money with your extra hour

Save money with your extra hour!

So the clocks are going back this weekend. Cue obligatory panic about whether that means we’ll get an hour less in bed or not! Thankfully, this Sunday you’ll have a whole extra hour in your day. Or your Saturday night, if you’re the energetic type.

Rather than getting 60 minutes more sleep, here are eight ways you could use your extra hour to boost your bank balance this weekend!

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5 famous bankrupts from history

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Even the great Walt Disney had to deal with debt problems!

Even the great Walt Disney had to deal with debt problems!

As you’ve no doubt heard us say so many times, debt problems can happen to anyone no matter what their income, social status or approach to money. Little surprise then that history is riddled with people who were plagued by money worries.

Bankruptcy has long held a stigma that persists to this day despite it often being the best solution available to a person in debt. Several modern day celebrities have had to call in the official receiver when their debts got out of hand, but this list of famous names from yesteryear might surprise you…

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How Samaritans can help you

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Samaritans are in your corner

Samaritans are in your corner

At Samaritans, we’re aware that people are feeling under increasing pressure over money. At the start of the current financial crisis in 2008, one in 10 of our calls was about money, debt and related issues. Since then, this figure has risen to one in six.

Although we know that worries about debt or the threat of losing a home can cause stress and depression, it’s important to understand that suicide is complex, and it is seldom the result of a single factor. It is likely to have several inter-related causes.

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The stress of dealing with debt alone

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No one should ever have to deal with debt alone

Mother Theresa was once quoted as saying “The most terrible (form of) poverty is loneliness”. Considering that in today’s society loneliness is said to be on the rise, she may well have been onto something.

Problem debt and rising living costs are a burden for many people, but it seems that people living alone have it especially tough. A 2011 study by Co-operatives UK found that 51% of a single person’s income goes on essential items such as housing, food and utilities compared just 30% of income earned by people living together. Dealing with this kind of pressure can surely intensify the negative feelings a lonely person goes through.

There’s more: according to the 2010 Lonely Society report by the Mental Health Foundation, the percentage of households occupied by one person more than doubled from 6% in 1972 to 12% in 2008. They also stated that more than a third of us (42%) have felt depressed because we felt alone.

If you take a look at our Debt in Mind page you’ll see quotes from actual clients expressing deep feelings of loneliness and despair. Debt and these feelings are often linked. If you’re feeling lonely it helps to understand more about these feelings. 

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Your relationship, your debt and your mental health

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Debt problems can destroy even the healthiest of relationships

Debt can harm even the healthiest of relationships

It’s long been a concern of ours that so many people who struggle with debt feel a knock-on effect with their relationships.

There’s reason to be worried; our infographic for Mental Health Awareness Week highlights that 6.2 million people are hiding their debt from their partners. What’s more, 35% of people with debt problems said their relationship suffered or ended completely due to debt worry.

As Peer mentioned in a previous article, debt due to separation or divorce is a real problem all across the UK.  Luckily, our Wellbeing guide has a few suggestions to help keep your relationship on track during times of stress.

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