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money.co.uk comments: StepChange household debt warning

Written by Salman Haqqi, Senior Personal Finance Writer

9 June 2020

StepChange has revealed the extent of debt that UK households are experiencing as a result of Covid-19. Money.co.uk has commented on these concerns, with guidance for those worried about impending debt.

Salman Haqqi, personal finance expert at money.co.uk said: "The warning from StepChange today continues to reveal the extent of the financial fall-out from the pandemic on UK households, this time in the form of mounting debt. It’s worrying to see that the majority of those affected were previously not in financial difficulty prior to COVID-19 and more concerningly, those who were already facing severe debt problems will now see their financial situation hit disproportionately hard.

While significant nationwide government support surrounding the debt problem would certainly be welcomed, there are ways in which those affected can initially address their concerns at home, starting with targeted budgeting to cut back on day-to-day spending, reaching out to credit card and mortgage providers and avoid borrowing money if possible to steer clear of the debt cycle. However, for those with more severe debt problems, it’s best to seek advice from free debt charities such as StepChange itself, or Citizens Advice Bureau, or National Debtline"

For people looking for further support on debt, money.co.uk has shared tips and additional links to advice has developed a guide to managing your debt during a pandemic.

Press@money.co.uk

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Salman Haqqi

Salman Haqqi, Senior Personal Finance Writer

Salman Haqqi spent 10 years as a journalist reporting in several countries around the world. He left the world of journalism to pursue his passion for personal finance.

Read Salman Haqqi's articles and guides
Joel Kempson

Joel Kempson, Personal Finance Writer

Joel Kempson devotes his time to helping people navigate the world of personal finance and make informed decisions about their money. He spent his early career writing about TV, movies, comic books and rock music.

Read Joel Kempson's articles and guides