Shop Price Inflation Will Adversely Affect People in Debt

Shop Price Inflation Will Adversely Affect People in Debt

According to the new figures, shop price inflation rose further in April. The BRC-Nielsen Shop Price Index has found that overall shop price inflation stood at 2.0% in April, up from 1.2% in March. The rise means an additional pressure on those who are already struggling with debt.

The report further shows that food inflation also went up to 2.0% from 1.2% in March, while inflation on non-food goods increased to 2.0%, up from 1.3% in the previous month.

The inflation in itself may not be unreasonably high but it does mean additional pressure for those struggling to manage their debts. The pressure would be all the more great for those who are not expecting a rise in pay in the near future. Given the fact that unemployment is on the rise and the average earnings per person are taking a nosedive, chances of people getting a pay rise are significantly low.

Those already in debt should seek debt advice immediately. Indeed seeking debt advice at the right time can help people regain control over their finances and ensure that the situation doesn't spiral to an extent that declaring bankruptcy becomes the only way out. For those already in debt, seeking debt advice may seem an additional expense but they should know that they can get honest, intelligent and impartial debt advice for free. Indeed, most reputed debt management companies in the UK do not charge anything for advice. The financial experts of these companies will study your individual circumstances, debt, arrears and current income and then advice if an IVA best suits your needs or taking a debt consolidation loan is the ideal way out. There are other debt solutions and Debt Management Plans they can suggest customised to your situation.

As a note of caution, its important to note that there are some debt management companies with vested interests and may suggest a solution simply because they get a commission from a lender company or bank. To ensure you get genuine debt advice, you can consult a number of companies and study the debt solutions they offer. An informed decision is always a wise decision so you must have patience and be open to learning everything about the solutions including reading the finer print.

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