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|MAS comment on findings: 600 families spending more on repaying problem debt than food|
|Monday, 06 March 2017|
Caroline Siarkiewicz, Head of debt advice for the Money Advice Service comments on Children’s Society findings: 600,000 families spending more on repaying problem debt than on food.
“It is worrying to see that so many families are falling behind on their bills which is impacting on their ability to manage day to day. Our own research found that four in ten adults have less than £500 in savings available to cover unexpected costs which can contribute to these spiralling debts. Families who are struggling should seek free debt advice as soon as possible. High quality advisers will help to prioritise debts and ensure that sufficient funds are available for essentials such as monthly bills, food and savings. The Debt Advice Locator Tool will help families find free debt advice in their area.
“Breathing space is vital for people who are trying to resolve their debts. We recognise the importance of this within the UK Financial Capability Strategy and we continue to work with HM Treasury, the Insolvency Service and organizations across the debt sector to ensure people in debt, across the UK, have the support they need.”
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