Reduced income now main reason for debt across Lincolnshire
Data from Grantham-headquartered PayPlan shows people have been hit hard in the pocket and had to seek debt advice after earning less over the past 12 months.
To help people budget in the New Year, the free debt advice provider has launched an online resource to help those worried about their finances manage their relationship with and approach to money.
Rachel Duffey, PayPlan’s CEO, said: “It appears the debt tides have turned in Lincolnshire with more people contacting us for debt advice as they’re struggling with a reduced income, rather than from overspending, which were seeing before the pandemic.
“When combined with rising Inflation and living costs, the pressure really is being put on people to make ends meet. On top of the increased spending we typically see over the Christmas period, this is a real worry.
PayPlan’s Financial Wellbeing Hub sets out steps to improve financial education and look after personal wellbeing. It includes tips on reducing spending, maximising income, setting financial goals and finding out where additional support is available.
Duffey continued: “It’s difficult facing up to debt, let alone talking to somebody about it. We have launched the Financial Wellbeing hub to help people during these difficult times.
“It’s for anybody with money worries and not only provides the information people need, but also and the confidence to tackle their financial and emotional problems head-on in a safe environment.”
People who are concerned about their finances can contact PayPlan for free debt advice throughout Christmas and the New Year. Despite a huge surge in people seeking help over the past year PayPlan has continued to provide an interrupted service and has subsequently won five highly acclaimed industry awards, including business continuity and debt advice provider of the year.
PayPlan’s financial wellbeing hub is available at www.payplan.com/financial-wellbeing