Financial pressures increasingly pushing people into debt spirals, says Bucks charity
An increasing number of residents are finding themselves stuck in debt
A charity is urging residents in Buckinghamshire to seek money advice before accumulating debt amid an increase in financial pressures.
The pressures are not only keeping those in a precarious situation on the brink of poverty, but they are putting others previously in a middle income range out of pocket.
Craig Glynn, Interim Chief Executive at Citizens Advice Bucks, said: "Last year when I was looking through our statistics, there was a concerning amount of borrowing that was happening from friends and family. That trend seems to have subsided slightly and been replaced with people having increased debt on credit card."
"So that money pinch has not gone away."
Between the cost-of-living crisis, the housing crisis, and the long-term effects the pandemic has left on us, the money and legal support charity Citizens Advice is wanting those struggling financially to seek support.
A growing concern for the charity is the decline in education around how to handle money, whether it be how to open a bank account, how best to save money, or how to handle a credit card.
Mr Glynn said: "We were taught all sorts of things such as sowing and cooking, how to balance a check book, how to manage a budget, and courses like this generally aren't taught anymore and there are certainly gaps in generations."
"When it comes to income maximisation and things like that, for young people, the benefits are set at lower rates, there are fewer benefits that exist for them, so those financial pressures can pile up."
In addition to debt accumulation in different forms, a growing trend is the use of loan sharks to repay debts in the short term, creating legal complications in the long term and often leading to exploitation.
And along with money worries comes a great deal of stress, which can affect the mental and physical health.
Mr Glynn said: "There's a strong stress component to experiencing a financial problem such as debt and there's unfortunately stigma and shame that surrounds it."
"If you feel ashamed that you have a financial problem at the moment and you feel alone, there's a couple of thousand people that we've talked to this year so far that who are in exactly the same position."
"It's not uncommon, it's increasingly common, there is no shame in it, and support is out there."
The charity offers support to those in need, with tips and tricks to better save money and manage finances.
Citizens Advice in Buckinghamshire have a dedicated service called Money Matters, which offers information and online courses.
You can find out more on their website.