A finance expert in Hampshire is advising people in the region who are struggling to pay for the festive season not to allow a New Year debt hangover to cause them pain throughout 2016.
The Southern Committee of the insolvency trade body R3, which brings together insolvency specialists from across Hampshire, is recommending a 10-point action plan which can help people recognise, review and address their money issues.
Figures showing the regional breakdown of personal insolvencies in 2014 paint a mixed picture across Hampshire. Last year the Isle of Wight had the highest rate in Hampshire (32.8 per 10,000 adults) and was the joint 18th highest in the UK overall.
Recent research by R3 showed that 41% of people in the South East are worried about their current level of debt, with credit card repayments being the main cause for concern.
Overall the South East has one of the lowest rates for personal insolvency of any region in England and Wales.
Andrew Watling, chairman of the Southern Committee of R3, and a partner at Quantuma in Southampton, said: "Overall, Hampshire has one of the lowest rates for personal insolvency of any region in England and Wales but the rates are not consistent across our region. The first few months of any new year are often the time when overspending catches up with people.
"For those with debts, seeking advice early from a qualified source is the best course of action. The more debt builds up, the fewer options there are available. Confronting financial difficulties straight on is the best way to prevent drowning in debt during 2016.”
R3’s top 10 tips for managing a debt hangover:
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