Being short of cash at the end of the month is often seen as a joke rather than a symptom of poor money management which is not surprising; very few people are comfortable admitting to failure or weaknesses in front of others.
So we cover it with a joke, as many people do when talking about their mental health or relationships, too.
Talk Money Week is annual event, running every November.
It’s an initiative that has been supported by a wide range of organisations including Martin Lewis’s Money Saving Expert website. It hopes to put money management at the top of the national agenda; after all, too few schools teach children about their financial life after school finishes.
Talk Money week is urging us all to talk to friends and family about our (and their) money and how we manage it, and in general our financial wellbeing.
The reason for this is clear when you examine the figures. Only one in six of those who have problem debt seek help, and that needs to change. Also, 12.9 million adults in the UK have no savings to fall back to pay an unexpected bill, while 6.4 million adults use credit including payday loans for everyday spending.
CreditLadder is part of the conversation. The service, which has a free and paid option, helps tenants improve their credit score when their rent payments are reported to the main Credit Reference Agencies (CRAs) in the UK.
CreditLadder is the only way to improve your credit score and position across all three of the main CRAs in the UK, namely Experian, Equifax and TransUnion.
Experian also says that 79% of tenants who have their rent recognised have seen a noticeable improvement in their credit score when lenders take rental data in account.
The tenants who use our service have taken a positive step towards improving their financial future, but not enough people take control of their finances in this way.
CreditLadder wants to see more people keep up with bills and credit commitments, have some resilience for unexpected costs and life events and feel less anxious about their money.
If we all talk about it together, we can help remove the social stigma of poor money management and help bring it out into the open so people can get together and talk financial sense.
If you need help improving your financial management or want to tackle problem debt, here’s where to find more help.
https://nationaldebtadvice.org.uk
http://www.debtadvicefoundation.org
https://www.moneyadviceservice.org.uk
CreditLadder can help you improve your credit score
If you want to improve your credit position by reporting your rent payments, CreditLadder is the only way to improve your credit score and position across all four of the main Credit Reference Agencies in the UK, namely Experian, Equifax, TransUnion and Crediva. Building up a high credit score has a lot of benefits, including helping you access finance at better rates - this can also help save you money.
CreditLadder also runs a free mortgage application service in partnership with Tembo which will tell you how much you could borrow.
Remember the information provided in this article is for information purposes only and should not be considered as advice.
