Employers to help staff with debt problems

Although the UK is officially out of recession, there is still an aggravating problem with personal debt through personal loans and credit cards, even among the customers who have a permanent job and work full time.

With personal loan debts increasing, more and more customers are confronted by the situation where, although they get a pretty good wage on a weekly or monthly basis, their outgoings on loan and card repayments, coupled with their other monthly expenses, go beyond the limits of their income.

Such rising loan and card debt problems are likely to cause enormous stress loads for the individual concerned. Some experts claim that this can not only affect the individual and their health, but also their employer in the form of a lack of performance from the individual, or increased occurrence of habitual absence from work due to stress or illness.

One debt charity has recently proposed that employers should offer help and advice to those workers who can’t deal with personal loan and credit card debts.
According to the Consumer Credit Counselling Service (CCCS), both employees and employers could benefit if employees were offered a special service to help them cope with their debt-related problems. This could include listening to an individual’s problems to relieve stress and giving free debt advice
 


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The cultural transformations that have made people accept life in debt have had a direct impact on the approach youngsters take to money matters, which could lead to negative consequences in the long run as many of the next generation would resort to IVAs to cope with serious financial issues.

When we put efforts into our work and get paid for this, we get an amazing feeling of satisfaction. Our hard hard work seems to have been remunerated financially. We go shopping and buy the items we need and the items we simply want.