Desperate times call for desperate measures

M & S is doing a one day sale where they will reduce prices by 20% and some stores staying open to midnight. If you’re looking for a bargain then go online at 12.01am and you’ll get the same level of discount. Debenhams has started a 3 day sale with similar levels of discounting from today and others will certainly follow. We’re sure there are a few bank managers watching their retail clients like a hawk at the moment.

So who is going to do OK this Christmas? So why do we care that retailers are struggling? The answer is simple. Jobs. Unemployment is rising very quickly. The CBi predict that unemployment will rise to 9% or 3m in 2010. This means there’s a very hard 2 years ahead of us. 

We predict that Bankruptcy, IVA's and repossessions will reach record highs if the government don’t stretch their already scarce resources further. The TUC is pressing for the Government for a moratorium on repossession to help people struggling with their debt. We also predict that debt help companies and charities will be stretched as well.

Debts often get talked about in economic terms but what we’re really clear on is the human cost of debt. People in debt are under huge pressure and stress is known to seriously affect health and relationships. This is why it has never been so important to not leave it too late and seek help early. If you are or know of someone in serious debt, here’s the signs, encourage them get help. Life’s so much better when your finances are under control. In the meantime, if you are in debt, if you can leave those tempting sale offers alone do.