Welcome to the Wescot blog exploring the topic of UK Debt. In a recent Money Statistics report from the Money Charity, it was revealed that outstanding mortgage lending reached an all-time high of £1.3 trillion in February and the average personal debt of UK individuals is close to £30,000. This blog has been established to explore the causes of such huge amounts of personal debt and the steps individuals, companies and the government need to take in order to remedy the situation, as well as advice on how to achieve those steps. This blog will take a look at the fact that there is currently no funding from the state for financial education in schools and discuss the need for this to happen in coming years. There will also be posts detailing how and where individuals can get free financial planning and debt management advice, and what support mechanisms are already in place or need to be established.
Within this blog, you can expect to find posts delving into the mental and emotional effects of being in debt, such as stress, anxiety, anger and depression. A 2012 study showed that people who struggle to pay debts are almost twice as likely to suffer severe anxiety or demonstrate mental health issues as the general population. This blog will look at the social and emotional effects of debt on a statistical and individual level, including advice on where to go to get help with debt-related mental health issues. There will be further posts outlining the practical steps UK consumers need to take in order to begin the process of getting out of debt in order to find relief from negative emotional effects. Use the top menu to navigate to the blog and begin browsing these topics and more on the subject of UK personal debt.