The return to 17.5% could see many struggling and it may be the final straw, which pushes them into debt and leads them to turning to see help with their debts problem. All across the UK, we have enjoyed a reduction in VAT on our shopping bills and this has come in very handy. While it is only a small saving on items, it all adds up and it may become too much for the many families that are struggling.

For those in debt life becomes a spiral, they borrow money or use credit cards to help pay off debt which in turn only adds to their debts. If you have fallen into the debt trap then you may wish to consider debt management plans with a specialist in debt management. You may also wish to consider an IVA, which also allows you to pay off debt within a period.

The many that are already in debt, who are worried about their jobs and the future could do with a Christmas present from the government in the form of them keeping tax as it is for now. With Christmas being just around the corner this only adds onto debt worries as many simply do not have the money and turn to their ever-handy credit card. The New Year may see a huge increase in the amount of individuals seeking ways to become debt free.