Coronavirus: The impact in the past year

It’s been almost an entire year since the coronavirus outbreak began in the UK, but what has been the impact financially?

Well, the BBC reports that some nine million people across the UK have had to borrow more money than usual, just to get by. That’s a staggering increase of 10% more people that needed to borrow £1000 or more. Figures also show that those self-employed were more likely to need to borrow money, and that there was a large increase of disabled people also needing to borrow more.

These reports show that there is a widening financial gap between households and that those that are under 30 and those from households earning less than £10,000 were a lot more likely to have been furloughed than the rest of the nation.

Furthermore, unemployment and redundancy rates have also risen in the past year due to many businesses going under. Sources say that unemployment will likely reach 2.6 million by mid-2021.

Have you had to borrow more money just to get by?

If so, please remember that you are not alone. There are millions of other people who feel just like you and who understand what you are going through.

You may feel as though there is no way out of debt and that you are digging yourself further into an already overwhelming hole. But that isn’t true.

You are entitled to free debt and money advice. Our trained money advisors are ready to take your call and give you the best advice for your situation. All advice given by Money Support Group is completely free of charge, confidential,  and impartial. Not only that, but we are FCA regulated and qualified so that you can have full trust in our services.

Woman smiling with her kids after managing her debts

“I wouldn't hesitate to use them again. They are always at the end of a text or phone call . They were very informative throughout the process and extremely helpful”

LindsayFirst Class

Ready to get out of debt?

You can try our quick and easy debt calculator or you could call our debt helpline at 0800 088 2303 to book your free consultation today!

Don't Feel Alone With Debt, Get Started Online