Crisis in Northern Ireland: Shocking Increase in Personal Debt

The average personal debt in Northern Ireland has surged by 42% due to the escalating cost of living, it can be revealed.

New Report Findings

A new report, commissioned by the Consumer Council of Northern Ireland to explore Advice NI’s debt advice service, unveiled that the average personal debt in Northern Ireland now stands at £12,989, significantly higher than the previous years.

Main Causes of Debt

The research highlighted that everyday costs like housing, household bills, and high-interest lending are the major contributors to the mounting debt crisis in Northern Ireland.

Rising Arrears

The study identified a 46% rise in mortgage debt and substantial increases in rates arrears, rent arrears, and debts to utilities suppliers.

Impact on Wellbeing

The growing debt burden has led to serious consequences including financial struggles, mental health issues, and a lack of savings for many individuals.

Need for Early Support

Experts emphasize the importance of seeking debt support early, as it can significantly improve financial well-being and alleviate the burden of debt for individuals.

Message of Hope

Sinead Campbell, from Advice NI, highlighted the positive impact of debt advice services, emphasizing the opportunities for financial relief and a brighter financial future for those in debt distress.