While the impression of debt would suggest a poor household or individual, the facts show that a vast majority of middle class or even more affluent are in just as much trouble as the not so well off. The troubles are different, but they are there. Any household can find itself becoming cash poor, even if as a household they attest to having financial well-being wrapped up in high value assets.
Such is the bane of the middle class in the current financial climate. Job security being a key element, If a previously well off household suddenly see's a drop in the income through redundancy (or even through divorce , loss of a spouse or a company that fails) the likelihood is that the household will shortly find itself in a situation where the payments on bills, credit or other outgoings is no longer being met, and this quickly leads to a much greater level of debt than is seen by poorer households.
It is vital that those that have seen the benefits of an affluent lifestyle over what was previously a period of financial gain look hard at their budgets. Attention needs to be paid to any credit that a household may have, car repayments, mortgage, credit cards (especially cards with high interest). Its best to pay good attention to detail while the going is good. Avoid costly possible future mistakes and a household which is in a comfortable financial position will continue to thrive.
Especially important and currently all over the news; be sure to have saving prepared, currently the population of the UK including the affluent is paying too little attention on financial future. The recession is going to push the public's financial problems higher, and it is vital that we attempt to save for that ever ominous rainy day, It may never come, and let's hope it doesn't. The fact is however, more and more people are realising that they face a financial uncertainty.
more information about cash poor Britain: Click here (Citywire)
Jackson Partners
Jackson Partners are one of the most well established debt negotiation companies in the UK. From the start our company was formed to provide advice to thousands of people with their personal finances by offering honest and clear advice.
Jackson Partners is licensed by the Office of Fair Trading (OFT), we follow their code of conduct to ensure that our clients receive the best advice and best solutions possible.
Having financial commitments that are more than you can afford each month is a difficult situation to be in, this is where our expert advice will help you, if you're struggling to repay your creditors each month you're not alone more and more people are finding it hard to kep on top of their finances.
Our advisors will provide you with confidential, impartial expert debt advice and you find the you the best solution that will make repaying your debts more affordable.
Please contact us for further advice or visit out main web page.
Jackson Partners is licensed by the Office of Fair Trading (OFT), we follow their code of conduct to ensure that our clients receive the best advice and best solutions possible.
Having financial commitments that are more than you can afford each month is a difficult situation to be in, this is where our expert advice will help you, if you're struggling to repay your creditors each month you're not alone more and more people are finding it hard to kep on top of their finances.
Our advisors will provide you with confidential, impartial expert debt advice and you find the you the best solution that will make repaying your debts more affordable.
Please contact us for further advice or visit out main web page.
