Policies for the Management of Household Debts in the UK

It’s been a tough few years for people in the UK. The pandemic meant that income was reduced, and households struggled as a result. Now, thanks to several different reasons, energy prices are increasing and the cost of living is also rising. As such, it is hardly a surprise that it’s becoming harder and harder for people to manage their household debts effectively.


The number of households that have money worries has soared over the past 12 months or so. Research has revealed that nearly half of the population of the UK are finding it difficult to keep up with their household bills and loan repayments. This is up massively from the previous year. There are a number of different ways that you can try to deal with this and these are going to be outlined in more detail below. Here are some main policies you should consider when managing your household debts in the UK.



The first thing that you should do is recognise that there is a problem. This is because a lot of households wait too long to seek help, letting their debts continue to mount. There are a number of reasons why people delay acknowledging the issue. Research suggests that a lot of people were hesitant to get in touch with their lenders in order to talk about missed payments because they felt ashamed to do so.


There are persisting misconceptions about how people get into debt and a lot of people think that others will believe the reason they are in debt is because they have poor money management. This isn’t usually the case as normally a life change, sudden drop in income, or external factors such as the increase in energy prices make it harder to stay on top of debt. Other changes include the likes of redundancy, ill health or bereavement, which can get in the way.


Regardless of what the reason is, you should acknowledge it in order to begin to get on top of it. Not only that, but you are going to have a better understanding of your debt as a result which will also help you move forward.


Read Policies for the Management of Household Debts in the UK 

Location: United Kingdom

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