A finance expert in the North East has devised a comprehensive plan comprising ten points to assist individuals in the region in avoiding a troublesome post-holiday ‘debt hangover’. Chris Ferguson, who holds the position of North East chair of the insolvency and restructuring trade body R3, is urging individuals contending with financial concerns to proactively address their anticipated monetary issues for the year 2024.
According to statistics from the Insolvency Service, North East England has consistently maintained the highest personal insolvency rates in the UK for over a decade. In November 2023 alone, there were 8,247 reported cases of personal insolvency across England and Wales, underscoring the ongoing financial challenges faced by individuals in the region.
The substantial cost of living, escalating utility bills, and persistent economic hardships continue to exert considerable pressure on personal finances in the UK. Consequently, it is anticipated that personal insolvency rates in the North East will continue to be elevated throughout 2024.
Chris Ferguson, the director and head of recovery & insolvency at RMT Accountants & Business Advisors, based in Gosforth, underscores the significance of taking early action in managing financial concerns. “The cost of Christmas can have a long-lasting impact on individuals’ finances, and many are still grappling with the bills accrued during the festive season,” Ferguson remarks.
With the looming cost-of-living crisis, there is a probability of even more substantial financial issues emerging in the North East in the upcoming year. Nevertheless, there are proactive measures that individuals facing financial worries can undertake to regain control of their finances. R3 has compiled a list of top ten tips for managing a debt hangover, which encompasses guidance on seeking professional assistance, comprehending available options, and responsibly managing debts.
Ferguson concludes by emphasizing the importance of not neglecting financial problems and seeking early professional advice from regulated sources to enhance the likelihood of stabilizing one’s financial situation.
The ten-point action plan formulated by the North East finance expert represents a valuable resource for individuals seeking to confront and manage their post-holiday financial challenges. By taking proactive measures and seeking professional guidance, individuals can strive towards mitigating their financial burden and attaining increased financial stability in the new year.
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