Advice NI: This will be the worst ever Blue Monday for many

January 18 is commonly cited as the most depressing day of the year, when overspending during the festive season becomes a reality as bills and debt begin to mount up.

With the Northern Ireland Statistics and Research Agency (NISRA) recording over 10,000 proposed redundancies since March 2020, Advice NI predicts the 2021 ‘Blue Monday’ will be the toughest yet for many people.

Financial difficulties are on the increase due to the pandemic, with Advice NI saying that many people are claiming benefits for the first time. It referenced NISRA reports that the benefits claimant count in the Province has more than doubled to over 60,000 since March 2020.

Sinead Campbell, head of Money, Debt & Quality, Advice NI said: “As December’s credit card bills hit the letterboxes at the end of January, the reality hits that many people will have overspent on their credit card over the festive period and will struggle to meet their minimum payments.

“Typically credit cards have relatively high interest rates, often in excess of 17% APR, so if they are not paid in full each month interest and charges can quickly spiral out of control.”

“If you are struggling with debt during the Covid 19 pandemic you don’t have to face it alone. You can contact Advice NI by calling the Freephone helpline to speak directly to an adviser between 9am and 5pm Monday–Friday.”

Advice NI and the Independent Advice Network have 69 members and more than 300 advisers, providing free advice. During 2019/20, it says it helped over 5,000 people deal with £52 million in debt queries.