Dad dot info
Free online course for separated parents
Forum - Ask questions. Get answers.
Free online course for separated parents
DAD.info | Opinion | Latest News | Millions of families facing more debt

Millions of families facing more debt

It seems more families are spending money they don’t really have

 

According to a new report, household debts have increased by more than 40 per cent in the past six months.

A study of more than 2,000 people by insurer Aviva, found the average family has £13,520 of personal debt, up sharply from £9,520 last summer.

This includes personal loans, store cards and credit cards.

This latest figure is the highest since summer 2013, when the average family owed £16,300.

Aviva spokesperson Louise Colley said: “The alarming levels of rising household debt, along with a recent reduction in income and savings levels, paints an uncertain picture for the family purse in 2016.

It comes amid reports we could see the Bank of England raise interest rates this year.

‘Mild’ deflation had continued In October with the cost of living falling again for British households.

Ms Colley added: “Families who have grown accustomed to cheaper credit – particularly those who have spent heavily over the Christmas period – need to ensure they are still fully prepared to manage debt repayments, as well as other monthly outgoings, should rates go up.”

The report also found that the typical family’s monthly net income has fallen for the first time since July 2012, now standing at £2,024.

Mums and dads with two or more children tend to have the biggest debts, owing £18,830 on average, the report found.

It comes as more and more children are being brought up by relatives.

According to a study by the University of Bristol, 150,000 English children are growing up in a home with relatives other than their parents.

Experts have blamed the increase on poverty and deprivation, with many parents also relying on grandparents to help them bring up their children.

For help with finances visit: www.moneyadviceservice.org.uk

Related entries

Should Stella Creasy, MP take her baby into parliament?

Should Stella Creasy, MP take her baby into parliament?

Returning to work after children is tough for everyone, whether you are on shared parental leave or returning after a brief paternity break. It can often make life choices for you, whether you decide to return part-time, go freelance or start paying heavy childcare...

Warning: UK Parents toying with their children’s safety

Warning: UK Parents toying with their children’s safety

Parents have been warned that children in the UK are at risk of death or serious injury from the sale of unsafe toys through various online marketplaces. Health and safety experts from CE Safety say parents should ensure they are not buying cheap, unsafe or fake toys...

Warning: UK Parents toying with their children’s safety

Rule of Six

New Coronavirus rules mean when seeing friends or family you don’t live with you should meet up in groups of six or less. For now, that means it is illegal for my whole family to meet another family inside or outside. In some ways we are lucky, we are only a family of...

Latest entries

Ask Debbie – is my child being alienated?

Ask Debbie – is my child being alienated?

Dear Debbie My Child is not allowed to talk about me at his mother's house and is told I'm not his dad. What can I do to protect my child from this? Worried Dad. Dear Dad, I really feel for you. It is so painful to hear all of this and can make you feel like you’ve...

Pin It on Pinterest