The Consumer Credit Counselling Service (CCCS) has warned that many people in the UK could be facing further financial difficulties this year due to increased mortgage repayment demands and rising energy prices.
Many thousands of homeowners around the country are set to see their fixed-rate mortgage deal expire over the next few months and for many people this will result in an added debt management burden, the CCCS suggests.
With this in mind, the organisation has made clear that the new year is a good time for consumers to reassess their finances and to start managing their money more effectively.
“A lot of people are going to have to be finding more money for their mortgages next year,” said Frances Walker, a spokesperson for the CCCS.
“Obviously if you are buying within the sales, everybody loves a bargain, but you have to question whether you really do need something or whether you are buying it just for the sake of it,” she added.
Last year, a report from the CCCS suggested that the burden of debt management is increasingly being carried by older consumers in the UK.