Blackpool residents ‘struggling with debt’

Around one-third of people living in Blackpool cannot afford to buy basic goods this Christmas. 

Research carried out by the Money Advice Service shows the perilous situation facing many consumers in the area, as they simply do not have enough to make ends meet, the Blackpool Gazette reports. 

Councillor Simon Blackburn, leader of Blackpool Council, said a number of different measures are being implemented in order to mitigate the circumstances, but he acknowledged long-term debt problems "cannot be fixed overnight". 

"What we need to do is get more people into jobs that pay salaries that are good enough to live on, something this council is helping people with. By introducing the living wage, we can be sure that all council employees receive an acceptable pay packet each month and don't need to get into debt just to survive," he added.

The issue of arrears is one that has dogged Blackpool for a while now – for example, in 2012 it was named as the location with the highest rate of personal insolvencies in the country.

Terry Bennett, chairman of Grange Park Community Partnership, revealed there are a lot of people in Blackpool who cannot afford anything. These individuals are being forced to check their bank balances every week to see how much they have left, which is a far from ideal situation.

Nationwide, 8.8 million people were found to be struggling with debt, while four million have been in arrears for at least one year.

If Britons do not take a proactive approach, they are likely to have financial problems for the foreseeable future. Depending on the severity of their situation, an individual voluntary arrangement (IVA) could be the perfect choice. 

Not only will this help consumers to freeze interest and charges on all of their unsecured debts, any arrears that are not paid off during the term of the IVA will typically be written off. 

By Amy White