Nearly two thirds of West Midlands residents have had nothing in the bank
Being skint is horrible. You can't go out with your friends, you can't eat out and you can't go on a shopping spree at the weekend.
With absolutely nothing in the bank, little or nothing in your wallet and no access to other money, being skint can be a lonely experience.
Unfortunately, research from Debt Advisory Centre indicates that this is a situation 65% of people in the West Midlands have found themselves in at some point. Here's a look at what our research uncovered…
Broke folk in the West Midlands
With almost two thirds (65%) of people in the region knowing what being skint feels like, why is it such a common occurrence? Here's what our respondents told us.
Top reasons for being completely broke:
• Our income is only just enough to live on
• We're trying to keep up with debt repayments
• We've miscalculated our finances
One in four of us have been skint because our income is only just enough to live on, 13% of us because we're trying to keep up with debt repayments - and 11% because we've miscalculated our budget.
Feeling the pinch
Whether it's dodgy budgeting that has left us completely skint, debt repayments or the fact that our income is only just enough to get by on, this type of stress can't be good for us.
In fact, of the people in the West Midlands who'd found themselves skint, 80% admitted to feeling panicky, depressed, worried or upset about it.
How do we compare with the rest of the UK?
Well, it's a little bit reassuring to know that we're not the worst in the UK - though we almost are!
When it comes to knowing what being skint is like, the West Midlands comes joint second with Wales and the North East, coming second only to Northern Ireland.
Ian Williams from Debt Advisory Centre said: "Having no money at all is really worrying and it's concerning that 65% of people in the West Midlands have found themselves in this situation.
"It's often the case that being skint takes away many of your freedoms - and all too often, your social life.
"This can leave you feeling completely alone and isolated, but people don't have to live like this - there is help available.
"There are many debt management providers out there who could offer a structured plan for you to repay your unsecured debts, so for the people struggling to make debt repayments, I'd strongly recommend seeking help."
You can find out more about Debt Advisory Centre's debt management plans here.
