The number of healthcare professionals in debt and seeking help with their personal finances has increased by 9.8% over the last two years.
In May 2017, of employed people seeking help with their personal finances, 7.38% worked in the healthcare industry, and of these 37.11% were nurses. This is up from 7.22% in May 2016, and 6.72% in May 2015 - an increase of 9.8% over the last two years.
The data has been taken from the latest UK Personal Debt Index (PDI) compiled by Creditfix, the UK’s largest personal insolvency practice, following a report of over 60,000 individuals.
“It’s worrying to see so many people that dedicate their lives to public service are struggling to make ends meet,” commented Pearse Flynn, CEO of Creditfix.
“With the cost of living increasing, thousands of people working for the NHS have seen their real wage earnings decrease. We read a lot in the press about the extra pressures being put on healthcare professionals in their working lives, debt shouldn’t be such a huge issue for so many of these people in their personal lives.
“Consumer borrowing and credit card expenditure have risen dramatically in the last year, and if we are not already in the midst of it, a credit binge could be just around the corner.
“The danger is although debt levels for many people currently remain affordable, should pressure on household expenditure increase with rising inflation, wages failing to rise quicker or interest rates increasing, the affordability of much of the consumer debt now being taken on could become a serious problem. This could prove especially damaging for NHS staff who seem to currently be struggling with debt and working in an already stressful environment.”
For debt advice and more information on Creditfix, visit www.creditfix.co.uk or call 0808 208 5198.
Creditfix Limited is the largest Personal Insolvency Practice in the UK, servicing Scotland, England, Wales and Northern Ireland. Based in Glasgow, it has a team of over 100 with a wealth of insolvency expertise and experience, who are committed to preparing, supporting and closing debt arrangements while providing excellent customer service.
Using its Best Advice Model, Creditfix Limited helps tens of thousands of people get a handle on their finances each year by working with them to understand their position and discover the best solution for their situation. Whether through an IVA, Protected Trust Deed or another debt solution, Creditfix’s values of being dynamic, knowledgeable, professional, customer-focused and caring ensures the process is as smooth and stress-free as possible.
With a process of restructuring, refinancing and rehabilitating people’s monetary situations, Creditfix has dedicated, specialised teams to guide people through their journey to being debt free.