The Real Cost of Raising Children in 2012 Spells Personal Debt for Many UK Residents

The Real Cost of Raising Children in 2012 Spells Personal Debt for Many UK Residents

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The Real Cost of Raising Children in 2012 Spells Personal Debt for Many UK Residents PR Newswire LONDON, January 2, 2013 LONDON, January 2, 2013 /PRNewswire/ -- Since the 2009 recession, it has been well reported that the cost of bringing up children in the UK has continued to rise, despite the fall in disposable incomes.

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The Real Cost of Raising Children in 2012 Spells Personal Debt for Many UK Residents
PR Newswire
LONDON, January 2, 2013
LONDON,January 2, 2013/PRNewswire/ --
Since the 2009 recession, it has been well reported that the cost of bringing
up children in the UK has continued to rise, despite the fall in disposable
incomes. The future looks bleak and recent figures published in LV's 'Cost of
a Child: From cradle to college' show child rearing costs have risen by a
further 3.3% since 2011. The cost of living will continue to tighten the purse
strings of over half of all UK families according to the Bank of England,
whose recent study has also found that the average household will lose £22
a month spelling bad news for approximately 11.5 million UK households
who are now 'very concerned' about theirdebts.
The result of this is that many families are finding that they are unable to plan
for their future, put money aside for emergencies, savings or pay for
insurance policies or pensions. Data collected by debt counselling website
iva.co.uk, suggests that many families are putting themselves intodebtto
cope with childcare, food and other living costs. Surveys found that over
64% of those in debt have children up to the age of 18 living with them, had
on average £43,000 of personal debt and over half reported that their debt
problems came about from living beyond their means.
Going into debt to pay for the everyday cost of living is far from ideal and is
also very difficult to change once debts are racked up, turning into a vicious
cycle whereby many end up taking out further credit in order to pay off older
debts. The problems also worsen over periods such as Christmas when
pressure to spend is even greater. Getting an impartial opinion as well as
free, expert advice and support from others who understand is crucial to
turning problems around and is the central focus at iva.co.uk explains
founder Andy Davie;
'When you are struggling with debt it is easy to feel alone and lose hope
which leads to a very negative vicious circle. Feeling alone and out of control
is scary but can be quickly alleviated by talking to others who have similar
experiences and can be both therapeutic and useful in terms of learning
about the different options available. The terrifying first step can be made a
little easier by the resources available on iva.co.uk. We know what it is like to
struggle with debt personally so have developed a site which can help people
by offering advice and guidance without commitment and lead them through
the process gently. We are committed to helping our members to make a
fresh start in their happy, healthy and debt free life and will go to great
measures to ensure that all of our members receive the highest quality
advice in the quickest time possible, wherever they are. '
IVA.co.uk was set up by Andy Davie,Credit Today's'Debt Councillor of the Year', who after struggling with his own debt problems, has gone onto to lead a debt free and fulfilling life helping others through their own debt problems.
Andy decided to set up IVA.co.uk after completing hisIVAin 2006 and
finding that there was nowhere for people in IVAs to go for help and advice.
Since, the site has grown to be the biggest online IVA community with
thousands of people visiting each day for invaluable help and guidance from
experts as well as other forum members. Everyone on the team at iva.co.uk
is extremely passionate about helping those in debt, many of them having
personal experience of debt, making the iva.co.uk mission; to deliver the best
information, support and advice about IVA's and financial issues, a very
personal one. The ethos of the business is to go above and beyond the call
of duty for their members to ensure that they are given the highest quality
care and advice and this is shown by the fantastic feedback that the site and
individual team members have received over the years. To find out more
please visithttp://www.iva.co.uk.