Wage freezes hit hard

Picture: Pierandrea Guarnieri

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THE constant struggle against the rising cost of living, card repayments and wage freezes are making the financial lives of people increasingly difficult, according to research by insolvency group R3.

Julie Palmer, member of R3’s Southern Committee and partner at Begbies Traynor in Portsmouth, said: ‘In the past those worried about their debt spoke of one-off events that happened to them, such as losing their job or a partner, or something they did, such as paying for an expensive holiday, being the cause.

‘Nowadays, rising living costs and wages failing to keep up is a reason alone.’