Household finance in trouble

Debt management could well be at a premium for many consumers across the UK, as household finance looks to take a turn for the worse.

According to the Markit Household Finance Index (HFI) for October 2010, the public spending cuts are already showing their affects in stretching budgets.

The survey of 1500 households shows 27 per cent of consumers feel their finances are currently worse off than a month ago - which could see many UK homesteads consulting a debt calculator like that at www.atlanticfinancialmanagement.co.uk/debt-calculator.

Job security is also fairing badly, as 24 per cent of households reported lower security, compared to the month of September.

Kevin Still, Director of Atlantic Financial Management says: "It is no surprise that consumer confidence has been hit by recent government announcements. After a protracted recession many UK household have taken most of the prudent measures to avoid debt problems, but they may be faced with events outside of their control like loss of income."

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