Rise in single fathers struggling with debt
Posted by: 12 June, 2013
Single fathers are increasingly struggling with debt according to a leading debt charity. The numbers of single fathers contacting StepChange Debt Charity for help with their debts quadrupled from 2007 to 2012. Just over one thousand (1,049) single fathers contacted the charity in 2007, rising to 4,496 in 2012.
The charity says that a toxic mix of failing relationships and the economic downturn are contributing to this rise. A quarter (28.6 percent) of single fathers seeking help from the charity give relationship breakdown as the reason for their debt problem, while 20 percent cite redundancy and unemployment as the reason for their debt problem.
Single fathers seeking help from their charity owe a total of £78,110,388, with the average owing £17,549. Payday loan debt in particular is a growing problem for single fathers, who owe an average of £1,624 on payday loans.
Commenting on the findings, Delroy Corinaldi, external affairs director at StepChange Debt Charity said:
“The stereotype is often single mothers struggling financially but single fathers can struggle too.
“It is crucial that any single fathers who are worried about their finances and debt don’t bury their head in the sand, but seek help as soon as they realise they have a problem.”