Family finances are at breaking point as people face Blue Monday money worries

Family finances are at breaking point as debt fears take hold on Blue Monday, a community charity has warned.

Sunday, 14th January 2018, 1:58 pm
Updated Sunday, 14th January 2018, 2:00 pm
Malcolm Fallow of East Durham Trust.

As the post-Christmas blues hit and credit card bills land on the doormat, many families face financial crisis, say East Durham Trust bosses.

Today is Blue Monday, the day in January claimed to be the most depressing day of the year, and the trust, which is part of Community Money Advice’s national network of advice centres, is urging people to get help.

Statistics show large numbers of people are struggling with debt and money pressures, placing a strain upon family budgets, at a time of year when financial pressures are at their greatest.

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East Durham Trust will feature on the BBC’s Inside Out programme tonight at 7.30pm, which will focus on consumer debt problems.

Recent statistics from the Bank of England show unsecured consumer debt has increased by 19% in the past five years and currently stands at £201.5bn.

Household debt has been growing much faster than household income and the Office for Budget Responsibility predicts unsecured household debt will reach 47% of income by 2021.

East Durham Trust has helped over 100 families or individuals with money worries last year and 23 cases of personal debt are currently being managed by caseworkers.

Trust chief executive Malcolm Fallow said: “In the last year East Durham Trust has helped over 100 families or individuals struggling with debt and financial problems.

“Family budgets are often extremely tight and it is very easy to find debts spiral out of control, particularly when family circumstances change.

“Our trained advisors offer free, confidential face to face advice. Those struggling from debt tell us of the relief they find from talking with an advisor who can help them start to resolve the problems.”

Families in distress because of money problems are encouraged to seek professional help.

People should visit for more information.