One in four North West adults ‘worried about personal debts’

A QUARTER of adults in the North West are worried about their finances, according to a recent YouGov poll.

The survey, which was carried out in response to the chancellor’s Autumn Statement, found that 23% of adults in the North West of England were feeling stressed or worried about personal debts, other than a mortgage or student loan.

Among respondents from the region, 12% claimed to feel trapped in a cycle of debt.

Now chief executive of Manchester Credit Union Christine Moore has warned that those who fall under the ‘JAM’ label- ‘just about managing’- face a “sticky situation” in the lead up to Christmas.

Moore said: “It only takes a broken washing machine or car repair to knock your finances off balance and you go from ‘just about managing’ to being in a real jam.

“It can be hard for people to admit they are not coping, and it is very British of us to say the we are ‘just managing’, but with Christmas just around the corner people could get in a sticky situation financially, causing extra stress and worry.

“So, we want to make sure we support people in Greater Manchester who have debts to no longer feel worried or trapped by helping them to manage their debt in an affordable way.

In response to the survey, Manchester Credit Union has teamed up with Scotcash, Scotwest Credit Union, Leeds Credit Union and Five Lamps to form the Afforable Loans partnership, which seeks to help people escape from a cycle of debt often triggered by expensive payday loans.

The partnership is backed by the Cabinet Office and Experian.