Cost of living is pushing family budgets to limit

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THE rising cost of living and a continued lack of wage rises are fuelling the debt crisis for many households, according to new research.

A survey carried out for leading insolvency trade association R3 revealed 50 per cent of people who have concerns about debt believe the failure of wages to keep pace with rising bills is responsible for pushing them into debt.

Leading South Yorkshire insolvency expert Paul Moorhead, of Moorhead Savage, says he has seen an increase in the number of families seeking his help on debt issues.

“This research highlights the worrying phenomenon of people simply drifting into debt, with no sudden catastrophes causing the problem,” he said.

“We have seen big rises in food and fuel prices in recent months but, for many, incomes have stayed the same or gone down. This puts real pressure on household budgets and many families will be forced to tighten their belts even further.

“I have been approached by many people who have struggled to feed their families while trying to deal with mounting debts.”