Debt help needed by February

Four million Britons would need debt help by February if they had to start using their emergency financial provisions today.

The findings of Scottish Provident's Financial Safety Net report also discovered that almost a fifth (17 per cent) of Britons would increase their debt levels by relying on credit cards to maintain their current living conditions, and could only last an average of five months this way.

However, the research also found that three in ten (31 per cent) Britons do not have any kind of safety net in place, meaning that the need for debt solutions is a very real one for them.

Susan Barclay from Scottish Provident thinks it's vital that more people build up emergency financial provisions, so that they don't fall into debt if the major breadwinner in the family falls seriously ill, becomes disabled or even dies.

Kevin Still, Director of Atlantic Financial Management says: "Building up some form of safety buffer is often easier said than done, especially if all the household disposable income is consumed before the next pay day. People with debt problems often use credit cards and other forms of short term finance like pay day loans to try and bridge the gap, however, long-term it is probably more sensible to obtain professional financial and debt advice."

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