The latest results on household debt reveal a downward trend - however, one expert highlighted the dark reality hidden under the stats
Winter is coming with its dreaded cost of living spike, yet an expert is sounding the alarm that millions might be oblivious to crucial assistance available to them. While the Office for National Statistics recently suggested a deceiving calm with debt statistics dropping, they've simultaneously flagged a worrying increase in insolvencies a sign that more people could qualify for benefits and support than they're currently unaware of.
He recommends using a free benefit checker, like the one offered by Money Wellness, to uncover any entitlements going unnoticed. Ian shed light on the grim picture that lurks behind the seemingly positive stats that show a downward trend in household debt: "On the face of it, these statistics may seem positive but, in real terms, people are still struggling - we see that in the increased number of insolvencies.
The Office for National Statistics has reported a significant spike in mortgage rates since 2021, noting the average two-year fixed rate deal has leaped by 4%. That said, it's important to highlight that their analysis wrapped up in July and was followed by the Bank of England slashing the base rate at the start of August. Also, the government's website features a benefits checker here for those who might need financial assistance.
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