Wednesday, March 30, 2011
Category:
Consolidation
According to Consumer Credit Counselling Service (CCCS), thousands of people have been seeking debt advice at night.
The national debt charity has revealed that in 2010, 49,826 people took advantage of its free online counselling service between midnight and seven o’clock in the morning. This is reportedly equivalent to 3.65 percent of the people who used the ‘CCCS Debt Remedy’ service last year.
CCCS has reported that the peak time for ‘bedtime debt counselling’ was between midnight and one o’clock in the morning, with 15,066 people utilising the online counselling service at this time in 2010. In contrast, CCCS has revealed that the fewest number of people were seeking debt advice between four o’clock and five o’clock in the morning; however, there were still 3,500 people utilising the online service at this time.
The charity believes that a combination of factors is causing so many people to seek debt advice in the middle of the night. These factors are thought to include debt worries, which are keeping people awake, and the ‘accessibility and infinite capacity of the 24 hour free online service’.
Head of E-Services at CCCS, Paula Searle, commented: "Dealing with unmanageable debt is incredibly stressful so it is not surprising that so many are kept awake worrying about their debts. I am glad that CCCS Debt Remedy is there to provide the advice they need, whatever the time of day or night they need it."
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Homeowners who may be concerned about their current level of debt could consider taking out a secured loan to consolidate existing credit into one place. One of many finance options available, a secured loan for
consolidation could be used to tie up existing debts such as credit cards. By consolidating debts, borrowers could be left with a single monthly repayment that is lower than the sum of current outgoings – thereby freeing up useful money each month. However, if opting for a secured loan to consolidate debt, it should be remembered that consolidating your debt may increase the amount you pay back overall and extend the repayment periods of your debts.
