We thought the recession in 2008 was bad, but this is turning out to be much worse, with not just finances affected, but peoples lives too.
We now hear today that the virus may have mutated into a new variant or new strain, which is quite concerning. It is reported on the BBC website that in the south east of England this new variant has been detected.
Coronavirus Debt Survival
Citizen Advice are reporting that many people are getting behind with the bills and monthly payments. These are not for luxury items, but household bills like rent, council tax, water, etc.
Overall, they estimate that 6 million UK adults have fallen behind on at least one household bill during the pandemic:
- 3.4 million on their mobile phone or broadband bills
- 3 million on their water bills
- 2.8 million on their energy bills
- 2.8 million on their council tax
- 1.2 million on their rent
It is not only individuals either, as governments around the world are getting deeper into debt every day trying to combat this pandemic too. Howver, there is still an onus on the Government to continue to help people who have reached rock bottom and to do this quickly.
Citizens Advice suggest the following help should be provided:
Help could include mechanisms, such as funding for local authorities to support people behind on council tax due to coronavirus, loans and grants for landlords and tenants to make up rent arrears and help people stay in their homes, and new guidance for banks to reschedule and provide relief for unaffordable lockdown debts.– Citizens Advice
Make contact with your local Citizens Advice office to see how they can help you get through this. They will have the names and contact details of all relevant parties that can help.
See also interest rates increase article.