The recession appears to be claiming the same victims as previous ones, as traditional manufacturing areas bear the brunt of the current economic slump, according to recent research.
Unemployment as a percentage of the local population was rising fastest in the established industrial areas of the Midlands, northern England and south Wales the findings from a study by the Work Foundation Consultancy found.
A spokesperson for the Work Foundation Consultancy said: “Places in the eye of the storm as job losses mount are the UK’s core cities and areas associated with traditional manufacturing – places which in many cases had yet to recover fully from previous recessions before this one set in.”
With rapid unemployment comes further strain placed on household finances, and residents of these areas with a rich industrial heritage are increasingly likely to suffer from debt problems, as they struggle to maintain finances with reduced (or no) income.
Debt advice organisations have reported higher levels of enquiries from these areas affected by the recession, and expect further contact from residents in these areas to seek help to get out of debt.
Debt advice organisations offer a number of ways to relieve finances, such as debt management plans, Individual Voluntary Arrangements (IVAs) and Trust Deeds.
These help people who are struggling with their finances to maintain the repayments on their outstanding balances simpler. All outstanding amounts on unsecured accounts (such as overdrafts, store cards, personal loans and credit card debts) are gathered together into one manageable monthly payment, which you pay to us, and which is worked out to be affordable for you.
We then distribute this to all of your creditors on your behalf, making finances simpler for you to deal with. As part of our service, we also negotiate with the people you owe money to so that interest and charges are reduced or frozen.
Plus, we’ll also deal with any demand letters or call from your creditors, so you don’t have to worry about handling them.
With some of our professional debt solutions you could be free of all unsecured debts within five years.
For information on all of our ways to help you get out of debt please click the link, or call the number at the top of this page for immediate help and advice.
