The ONS statistics have revealed a record increase in the number of employees and self-employed who are working part-time because they can’t find a full-time job.
There has also been a fall in part-time work among women and the number of self-employed people fell by 49,000.
Kevin Still, Director of Atlantic said:
“The real worry about these figures is the rise in the number of people who are having to work part-time because they can’t find full-time work. This means having to manage on a much smaller income at a time when household living costs are increasing.
"At the same time we are seeing self-employed people really struggling to get work. Many families are experiencing a level of financial stress they have not encountered before and will be wondering which way to turn and which creditor to pay first.
“Prioritising payments is absolutely key and meeting mortgage repayments must be the first priority ahead of any unsecured debts. Priority debts, such as mortgage, secured loans, rent, council tax and utility bills must all be top of the list when push comes to shove.
“A Debt Management Plan from a debt solutions company such as Atlantic will work out which payments are prioritised and which can be negotiated. Atlantic makes allowances for the priority payments in the client’s monthly budget and statement of affairs.
"Atlantic also negotiates a debt repayment plan for unsecured debts which are paid once the priority debts have been settled each month.”
