What Men Should Do to Recover from Recession
The recession in most developed countries that resulted from the global financial crisis is still being felt by many people until now. Some who had been laid off have not gone back to work while some continue to work less than their regular hours which translate to lower wages. In some homes, the situation has taken a 360 degree-turn with the husbands now left in the home taking care of their children while the wives work in the office.
In the U.K., a report from a debt charity revealed that men were the worst hit by the recession compared to women. The reasons are varied such as a rise in the number of unemployed, slow rate of wage increases and increase in household expenses.
According to the Consumer Credit Counselling Service (CCCS), more men have been approaching them to ask for debt advice. Since 2007, the number has gone up by 51 percent while for women, the increase was only half as that of men. An official of this particular charity agency said more than debt, the problems faced by men in the U.K. today include loss of income and increasing costs. This has become a major concern in the country especially since men have always been considered by society as the breadwinners of the family.
On the average, men’s income has gone down from 17,724 sterling pounds in 2008 to 17,460 in 2009. On the contrary, women’s income rose by 32 percent during that same period.
With lower income, naturally this makes it difficult for men to keep up with the rising costs such as that of electricity and gas. The financial hardship is even worse for those with children to send to school.
On a positive note, men’s debts continue to drop from 30,000 sterling pounds way back in 2007 to almost 27,000 pounds in 2009. For women, the average debt was pegged at nearly 22,000 pounds.
As debts are cut down, it is fitting for men then to take the necessary steps to live within their means. Those facing financial difficulty should make it a point to tighten their belts and spend only on the basic necessities of the family. A good option for people needing immediate cash for emergency needs, there are the short term personal loans they can avail of. These payday and cash advance loans are affordable and borrowers can take out even just the minimum amount they require. This is ideal so that when repayment time comes, borrowers won’t have difficulty paying back their monthly dues because the amount is just what they can afford to pay.
But with short term personal loans, what’s vital is you pay your dues promptly. Borrowers need to be conscious of their financial obligations so they don’t risk getting into debt.
Fortunately amid this issue, there’s the government bureau providing counseling services to people badly affected by the recent recession. If you’re having troubles and want to seek professional advice, you can always approach the government agency to guide you on what to do to move on with life without accumulating debts.
