Debt Management Plans could help families

Debt problems caused by the recession are driving families apart, according to new research.

The study by Clydesdale and Yorkshire Banks discovered that more than one million families were arguing due to ongoing financial problems. On top of this, a further two million said they were feeling under severe strain on a daily basis due to personal debts.

Professor Kevin Durkin of the University of Strathclyde indicates that: "Recessions may last only a few years in boom-bust economies like Britain's, but the impact on vulnerable families can be much more enduring."

The figures also show that more than 500,000 (513,000) families have seen grown-up children unable to move out due to financial problems, whilst a further 340,000 families could have avoided having to welcome back grown-up children, had they taken debt advice.

Atlantic Financial Management's director, Kevin Still, says: "There is a strong correlation between financial stress and domestic problems, where both can be a symptom and a cause.

"Managed debt solutions, like a Debt Management Plan (DMP), can provide a significant amount of debt relief, significantly reduce chasing correspondence from your creditors and enable you to get your finances back under control. Protecting your home and family should always be a priority."

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