Cut backs to pay priority bills
Posted by Sam Smith on 19th January 2012 to Debt News
A recent report by Shelter has shown that 1 in 5 people in the UK have made cut backs on spending on gas, electricity and food in order to cover priority bills, such as Mortgage or Rent, which is a 60% increase from 2008.
The report signifies that many people do not have any disposable income after their priority bills have been paid, with many making cut backs on necessities to ensure that they do not fall into arrears and run the risk of losing their home. Cutting back may be a short term scenario for those who do not have any other debts to pay each month; however it may be more of a worry for those who also have monthly unsecured debt repayments on top of their priority debts.
A Debt advisor at DFH said: “If you find that you have little disposable income each month after paying your priority bills, and you can’t afford repayments on other debts (such as credit cards or loans) it may be beneficial to seek expert debt help to try to find a solution that will help you to regain control of your finances.
If you are struggling to pay your priority bills – your Mortgage or Rent, we would urge you to seek help as soon as possible.”
Sam Smith
DFH offer a range of debt solutions tailored to your individual circumstances. These include IVA, Debt Management Plans & Debt Consolidation Loans. If you are worried about debt, contact of our trained debt advisor's today.
The report signifies that many people do not have any disposable income after their priority bills have been paid, with many making cut backs on necessities to ensure that they do not fall into arrears and run the risk of losing their home. Cutting back may be a short term scenario for those who do not have any other debts to pay each month; however it may be more of a worry for those who also have monthly unsecured debt repayments on top of their priority debts.
A Debt advisor at DFH said: “If you find that you have little disposable income each month after paying your priority bills, and you can’t afford repayments on other debts (such as credit cards or loans) it may be beneficial to seek expert debt help to try to find a solution that will help you to regain control of your finances.
If you are struggling to pay your priority bills – your Mortgage or Rent, we would urge you to seek help as soon as possible.”
Sam Smith
DFH offer a range of debt solutions tailored to your individual circumstances. These include IVA, Debt Management Plans & Debt Consolidation Loans. If you are worried about debt, contact of our trained debt advisor's today.
