Families spend more on debt than food
March 7, 2017 1 comment
More than 620,000 UK families spend more money on paying off their debts each month than they do on food.
With many households struggling to pay their bills a single surprise cost can put them in a position where they have to borrow money to get by, according to the Children’s Society. This week the charity published research which indicated that as many as 46 per cent of families whose car, central heating or appliances have broken in the past year have resorted to loans to cover the cost. If the cost of living increases much further, 38 per cent of families will have to borrow money just to pay for the essentials.
The Children’s Society surveyed more than 2,000 British adults. Chief Executive Matthew Reed said that debt problems and the stress that comes with them can take “a heavy toll on both parents and children alike”. The charity’s survey revealed that some “children are going without basics such as food, clothing or heating, as well as suffering from worry, anxiety and bullying as parents struggle to keep up with repayments”.
While no family should be forced to choose between food and debt repayments, “this is a day-to-day reality for far too many across the country”, Reed said. Many parents “find themselves facing spiralling charges and … intense pressure from lenders”.
He called on the government to do more in order to help struggling families “back on their feet and in charge of their finances”.
Last year, the charity warned that children can suffer serious mental health damage if their parents have multiple debts. As there is no money for these youngsters to take up sports, join clubs or go on school trips they can struggle to socialise normally.
Photo by Yandle via Flickr under a Creative Commons licence.
March 7, 2017
Categories: Family Life