Economic headwinds starting to make an impact!
It has recently been reported that Kilroot Power Station in Carrick, Co. Antrim is facing closure within months with the loss of up to 240 jobs. A further 30 jobs are also under threat at the Ballylumford Power Station. With these impending job losses and the 860 job losses experienced recently at the Michelin Factory in Ballymena, it is a worrying time for both the Irish and UK economies. With the Brexit screw about to be turned, it is looks like being evitable that more large-scale job losses will follow in 2018 and beyond.
With on-going Brexit negotiations underway, we are now very much in unchartered economic waters. It has been reported in the last few days that no matter what way Brexit goes in terms of the deal we arrive at, the UK economy will be worse off.
Bearing this is in mind, we feel it is essential that individuals living within the UK and indeed Ireland plan for what is coming down the road and the first place each of us can start is to have an understanding of our weekly and monthly outgoings.
Combined with the economic uncertainty that Brexit will bring, a study this month found that at least 70% of the UK’s working population are “chronically broke”, with many falling into credit card debt for everyday spending. The UK Insolvency Service recently reported that 1 in 467 adults became insolvent in 2017, up from 507 in 2016. Overall, total credit card spending is now higher than during the onset of the financial crash of 2008. This is very worrying and highlights the dependency that the vast majority of individuals now have with credit.
Property owners also face uncertainty with mortgage debt increasing by 2% in the past 5 years. The fear is that with the onset of Brexit, many mortgage holders may be unable to cope and pay their bills. Some might only be able to make repayments with dramatic cutbacks in other spending. Others might face repossession or need forbearance by their lender. It is therefore important and essential that individuals immediately start to budget and plan for the year ahead.
What should I do?
Undertake a complete financial review of your finances to determine your total monthly income and monthly expenditure levels.
If you know money is tight, spend some time today, tonight, this weekend on working out how tight things are going to be over the coming weeks and months ahead. Knowing what cash you have spare can help you start to put a little aside to cover you if something goes wrong or your monthly bills are to increase. Let’s face it, with Brexit looming over the horizon that is what is likely going to happen!
Step 1 - ASK FOR HELP - Try not to wait any longer, if you have a financial issue, or are concerned about any of the matters mentioned in this piece, simply ASK FOR HELP NOW.
What we can do to help?
Since 2010, GDP Equity Experts have helped hundreds of families deal with debt related issues and in particular property debt related issues. The clear trend over the last number of years is that those people who constantly review and have a very clear understanding of their monthly income levels and overall finances are better prepared and have much better outcomes when month to month costs increase for one reason or another.
As a result, it is very important to take advice in this regard from a regulated team of debt advisors to plan for the future.
GDP Equity Experts know what is expected and how to get you to where you want to go. We WANT to hear from you today because we WANT to help you today.
If you would like to download a copy of our 7 step guide to our eBook, then please hit the button below.