What to do if you are struggling with your finances
More than half of people who turn to Citizens Advice for debt advice now do not have enough income to cover basic costs, the charity has revealed. The annual income needed by those seeking debt advice to avoid a negative budget has more than doubled since 2019, from around £7,000 to more than £15,000, according to the charity's Living on Empty report. On the rise: Citizens Advice data shows how the level of those seeking debt advice on a negative budget is increasing Inflation is currently at 8.7 per cent, but spent much of last year in double digits. Renters needing help with debt advice report that average rental costs have shot up by 25 per cent since 2019. Don't struggle alone: Financial worries can also impact mental health and experts recommend reaching out for help with managing However, Peel says banks are increasingly proactive at spotting customers at risk of financial distress and offering cost-saving measures such as interest-free overdrafts.
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