The International Monetary Fund (IMF) has warned that because of larger taxes and reduced benefits, families in the UK can expect to be £1,500 worse off every year for the next 5 years.

It’s forecasted that families may have £35 billion less disposable income a year as the government introduces steps made to lower the country’s debt. Policies such as the increase in VAT and also the lowering of child benefit for higher rate taxpayers starting from the year 2013 will have a substantial effect on many families.

Those already struggling as a result of a higher cost of living will no doubt be concerned by the IMF’s estimates, so if you’re concerned about the amount of cash you owe it is important to try to get your financial situation under control sooner rather than later.

If you’re searching for a way to get out of debt there are a variety of services available to assist you in making your monthly payments manageable. From debt management plan to IVAs to debt relief orders, there are a variety of options depending on how much money you owe and also how much you really can afford to pay back. There’s help out there, so households will not need to suffer in silence with their debt problems.