Cash-strapped parents ‘facing debt’
A lack of disposable income may lead many parents to make unwise debt management decisions, new research reveals.
Figures published by children’s charity NCH show that 11 per cent of families have gone without medicine due to financial difficulties.
Meanwhile, one in ten of those surveyed stated that they had experienced affordability issues with essential items such as food.
A spokesperson for the charity suggested that many parents may be driven to make poor debt management decisions due to a lack of funds.
“Some people who get turned down for loans then turn to loan sharks and don’t realise that 177 per cent APR is an extraordinarily high amount,” she told Metro.
“We need to give people that understanding so they don’t fall into that trap.”
NCH advises families to eat before shopping to avoid impulse-buying tasty treats, while resisting special offers if they are not of true benefit.
For those with financial difficulties, a debt management plan may be a worthwhile alternative to a traditional consolidation loan.
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