Seven out of 10 families are teetering on the edge of financial oblivion has debts and rising living costs threaten to overwhelm them, claims a survey of mums.
One in five mothers regularly skips meals so their children can eat, says research by Netmums, a web site that offers help and advice to struggling families.
Debt is threatening to push many over the brink as 25% are topping up income with credit cards, one in 20 survive on payday loans and one in 100 borrow from loan sharks.
The bleak picture of family finances in Austerity Britain does not stop there.
Half of families are selling or pawning belongings to raise extra cash and 16% are under treatment from their doctor for stress related to their financial problems.
The survey followed a visit by Prime Minister David Cameron to the website’s offices.
He has been told that 70% of families face severe financial problems if they are hit by any more price rises or loss of income.
Netmums revealed that 64% of families have less income now than a year ago and 61% are short of cash to pay the bills and living costs every week.
About 40% need an extra £20 a week to make ends meet, 33% could do with £50 more and 10% fall short by £100 a week.
Netmums founder Sally Russell said: "It's shocking that seven in 10 families are living on the edge - but it's a crisis that needs exposing.
"Mums shouldn't be missing meals to feed their children or turning to loan sharks.
"Family finances are so strained that any more pressure will turn this personal crisis into a catastrophe for the nation."
Professional debt advice could provide an escape route from financial problems for some of these families.
An advisor can tailor a debt survival plan to match a family’s financial affairs.
A financial management plan is an informal arrangement that can reschedule unsecured borrowing, like bank overdrafts, personal loans, credit cards and catalogues.
Other ways of handling debt include more formal options like IVA s (individual voluntary arrangements) or bankruptcy.
--- ENDS ---
Notes to editors:
- Money Debt and Credit is one of the UK's fastest growing financial solution companies.
- The company was founded in 2006 on the belief that every client has the right to appropriate financial advice. Since then we've gone from strength to strength and have helped thousands of people with a variety of financial solutions.
- We offer a range of services including Financial Management Plans, IVA s, Loans, Mortgages, Full & Final Settlements, Bankruptcy, Investments and Pensions.
- Specialties: IVA s, Financial Management Plans, Loans, Mortgages, Trust Deeds, Full and Final Settlements, Bankruptcy
For more information or debt advice contact:
Money Debt and Credit
45 Clarendon Road, Watford, WD17 1SZ
Tel. 0800 16 999 46
Image: Paul
Exception: Stack empty.