Families in Britain to be £1,500 even worse off each year

The International Monetary Fund (IMF) has warned that as a result of greater taxes and reduced benefits, families in the UK should be expecting to be £1,500 worse off yearly for the following 5 years.

It is expected that families will have £35 billion less disposable income per year as the govt introduces measures designed to lower the country’s debt. Policies like the boost in VAT and the reduction of child benefits for higher rate taxpayers starting from the year 2013 will have a significant impact on a lot of families.

Those already struggling because of a higher cost of living will no doubt be concerned because of the IMF’s estimates, and if you are worried about the amount of money that you owe it is very important to try and get your financial situation under control sooner rather than later.

If you’re trying to find a way to get out of debt there are a number of services available to assist you in making your monthly payments manageable. From debt management plan to IVAs to debt relief orders, there are a number of options depending on how much money you owe and how much you really can afford to pay back. Help is out there, so households will not need to suffer in silence with their debt problems.