Recent analysis figures have suggested that the onset of Brexit could intensify the serious problems already faced by the N.I economy and other regions such as the North East and North West of England.
It has been forecast that the economic gaps will only continue to widen in these regions, which subsequently could have a serious impact on already financially vulnerable households. These economies are already struggling with average earnings currently 6% below the national average therefore the onset of Brexit will only serve to weaken these economies further.
Combined with the economic uncertainty that Brexit will bring, a recent study found that at least 70% of the UK’s working population are “chronically broke”, with many falling into credit card debt for everyday spending. This is very worrying and highlights the dependency that the vast majority of individuals now have with credit.
Property owners also face uncertainty with mortgage debt increasing by 2% in the past 5 years. The fear is that with the onset of Brexit, many mortgage holders may be unable to cope and pay their bills. Some might only be able to make repayments with dramatic cutbacks in other spending. Others might face repossession or need forbearance by their lender. It is therefore important and essential that individuals immediately start to budget and plan for the year ahead.
What should I do?
Undertake a complete financial review of your finances to determine your total monthly income and monthly expenditure levels.
If you know money is tight, spend some time today, tonight, this weekend on working out how tight things are going to be over the coming weeks and months ahead. Knowing what cash you have spare can help you start to put a little aside to cover you if something goes wrong or your monthly bills are to increase. Let’s face it, with Brexit looming over the horizon that is what is likely going to happen!
Step 1 – ASK FOR HELP – Try not to wait any longer, if you have a financial issue, or are concerned about any of the matters mentioned in this piece, simply ASK FOR HELP NOW.
What we can do to help?
Since 2010, GDP Equity Experts have helped hundreds of families deal with debt related issues and in particular property debt related issues. The clear trend over the last number of years is that those people who constantly review and have a very clear understanding of their monthly income levels and overall finances are better prepared and have much better outcomes when month to month costs increase for one reason or another.
As a result, it is very important to take advice in this regard from a regulated team of debt advisors to plan for the future.
GDP Equity Experts know what is expected and how to get you to where you want to go. We WANT to hear from you today because we WANT to help you today.