Debt is a rising issue in the UK. Whether people are spending beyond their means or have simply fallen on hard times, more and more people are slowly getting roped in to a rocky financial period. Of course, there are companies out there who are eager to help people, even with bad credit, reach new financial heights, but not everyone is lucky enough to utilise them.
Still, the digital age is proving a positive force in terms of how it helps people address their debts. Consequently, here’s how this era is doing just that!
Access to Information
An obvious perk of the digital age is connectivity. Today, even the mildest curiosities can be answered with a quick phone swipe or Google search. Should a person find themselves swamped in debt, lost and alone, they can immediately get in touch with the experts who’ll help them. At the very least, they’ll get a recommendation, or titbits of wisdom on finance forums from posters who beat their debts. Hope is always in supply.
Of course, there’s also the fact that this may help people become calmer when dealing with their issues. The mental and emotional effects of debt can be wide ranging. According to the Money and Mental Health Policy Institute, each year more than 100,000 desperate debtors attempt suicide in England alone. This is certainly a grim statistic, but no doubt the figure would be a lot higher without the digital age putting sufferers in touch with people who care and try to help.
Aside from this, the convenient access to information can simply spur people on to be interested in their finances, where before they’d just ignore their issues. It’s more convenient to open an app than to wait for the mail or visit a bank. For example, young adults entering the world of finance for the first time can get educated faster in terms and conditions they understand, get help quicker as a result, and ultimately be more efficient at managing their money.
As the years roll by, banking itself is becoming more and more simple. For example, the introduction of smartphone banking apps can now let users check what their bank balance is looking like. If they’re ever tempted to splash out on an expensive item and are struggling to resist that urge, a quick reality check on their phone can let those moments of madness harmlessly pass by.
Of course, other apps can track credit history, credit scores, and also notify users immediately if there’s any suspicious or unauthorised activity on their accounts. That level of security enables people to keep their finances watertight, as well closely observe where their money is and where it’s going. In the end, sometimes the best way to get out of debt is a change in behaviour and acceptance of responsibility; these apps greatly encourage this attitude.
Adam Thrones is still early into his career as tech and digital marketing reporter but has already had his work published in many major publications including JoyStiq and Android Authority. In regards to academics, Adam earned a degree in business from Fordham University. Adam has a passion for emerging technology and writing on his blog. He is always eager about the new gadgets on the market and likes to cover updates on software.