Joblessness often brings a great deal of despair with it. Not having the means to pay for life’s necessities is something that around 2.5m people on Jobseekers’ Allowance are probably experiencing, but signs that the job market is beginning to see its fortunes improve may give those seeking work a little hope for the foreseeable future.

Having a job, no matter how little it may pay, is important for anyone to try and pay for the basics like food and accommodation. Sadly, even some people in work, especially on low incomes, are discovering that their pay doesn’t meet their monthly costs, which may lead to debt in the form of loans taken out to pay for anything they can’t cover with their regular income.


Home owners less prone                      

According to a spokesperson from, home owners are a little better placed to cope with debt. They said:

“According to our latest findings, although surprising, people who are on the property ladder are less likely to get into serious financial difficulties. This is due to the fact that it tends to be the people in the lowest tax bracket who spend more than they actually earn, and these people naturally find it difficult to get on the property ladder.”

Home owners are likely to earn more, meaning that they can afford to take out a mortgage. Those on low income or state benefits earn less, which may mean that their outgoings may outweigh their income, therefore resulting in debts built up one way or another.


More help at hand

In response to the problems that personal debt can bring to anyone, whether in work or not, initiatives like the government-sponsored Money Advice Service have been created to promote better money management. Such services are primarily aimed at people who might only be one mishap away from seeing their finances slip into the red.

Talking about debt is something that can be hard, especially for those struggling to get more hours from their part-time job or to get into work in the first place. Finding the right people to receive advice from may be the best solution, as working out debt repayment plans and ensuring that their money goes as far as possible could be feasible outcomes for many receiving advice.


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