Are We Likely To See Trust Deed Uptake Sky Rocket As Unemployment Amongst Women Gets Worse?
As a result of soaring levels of redundancy amongst UK females and financial problems
, the site Netmums has put together a survey. This study looked at responses from close to 2000 mothers with school age children. Just a look at the results is extremely frightening in excess of 3/5 of mothers polled lacked sufficient money to make it through to the end of the week. It appears that at each turn UK females are facing worsening financial issues. If you consider the demographics of those now using a trust deed, the percentage of women in the mix has seriously risen.
For many the problems are being compounded by pre-existing credit commitments. Lots of families, especially one parent families, have to pay large percentages of their income on repayments which leaves them unable to pay for essentials. This unfortunately leads to more credit being sought just to get by. In these sorts of circumstances the key fear is that debts will keep increasing and get and more and more unmanageable.
2 out of 10 mothers that took part in the Netmums survey claimed that they had forsaken meals in order to prioritise feeding their children. A trust deed is a very intensive type of debt management and should not be used lightly yet if you decide to enter a trust deed you will find that emphasis is placed on first making certain you have the fiances to afford essential needs including food, facilities and adequate clothing.
Women who are doing O.K. financially currently could still face many hurdles in the next few years. A scary taste of problems to come is that 25% of the women surveyed said they were using credit cards to pay for household expenses. If you reach the point where you have no option but to use credit to cover your essential purchases and expenses, it is likely that you will not be able to keep your head above water for long without getting into a dangerous downwards debt spiral. The best next step is to take on the situation before it gets worse - by finding a debt management solution like a trust deed or sequestration.
Payday loans are a very common route to insolvency and the need for a Scottish trust deed, yet 1 out of 20 Netmums respondents use them regularly. Many trust deed advisers would say that, if you are in a place in which you 'need' a payday loan, chances are that you really won't be able to repay it. This is true in the majority of cases and it is generally substantially wiser to seek a trust deed or a different debt management solution instead.
The unpleasant fact is that things are going to become worse before they improve. A substantial proportion of workers in state employment are women and this is an area in which major redundancies are planned. Scotland is especially reliant on state employment of workers so the impact is likely to be severe. Luckily, if the worst were to happen to them, residents of Scotland do have access to an extensive collection of debt management options, such as the Scottish Trust Deed, which will be applicable according to individual preference and need. If a trust deed is not the best option for you, there are many other roads to take. From debt management plans to sequestration, for every sticky situation there is a solution and a light at the end of the tunnel.
by: Charlie Maine
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Are We Likely To See Trust Deed Uptake Sky Rocket As Unemployment Amongst Women Gets Worse?