Nearly one in three ‘expect drop in disposable income’

A new report has claimed that almost one in three people in the UK expect their disposable income to be reduced by either increased costs or a cut in salary this year.

The Financial Outlook Index from Virgin Money also claimed that 34% of people will save less and give up holidays, while 42% will stop spending money on ‘luxuries’.

Meanwhile, 1 in 10 respondents said they were not confident that they could keep up with their mortgage and insurance payments this year.

A spokesperson for debt management company Gregory Pennington said: “Anyone worried about their ability to maintain repayments on bills or debts should be aware of the options available to them.

“There are a number of debt solutions available, such as debt management plans, debt consolidation loans and IVAs (Individual Voluntary Arrangements). A good debt adviser can help people establish whether one of these debt solutions could help them get their debts under control.”

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Gregory Pennington offer debt management plans as well as a range of other debt solutions. If you are worried about debt, contact one of our expert debt advisers now.