It is reported that up to 10% of the population are experiencing debt problems.
Many people who are in debt feel ashamed about it and therefore would rather push their problems under the carpet rather than talk about it, even with a close friend or family member.
However there are some tell tale signs that somebody is in debt.
If you suspect a friend or family member is in debt these are some of the signs to look out for:
- Buying the latest gadget or gizmo
- Recent life events, including new baby, redundancy or divorce
- Clearly living beyond their means
- Spending less time socialising
- Avoiding talking about money and their finances
- Changes to their normal spending pattern
- Mentioned that they are having trouble sleeping
- Changes to their weight
The Money Advice Service (MAS) say that getting debt advice can make a big change to peoples lives and studies show that within 3 months of getting advice 65% were either repaying their debts or had cleared them in full.
If you suspect that a friend or family member has financial difficulties, urge them to contact a professional sooner rather than later.
For more information on bankruptcy, liquidation, administration and all the other insolvency procedures, or to take advantage of our free consultation, please telephone Stella Flemmings on 01377 257788, 01724 230060 or 01904 520116 and she will make you an appointment with one of our insolvency professionals at our Driffield, Scunthorpe or York offices.
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