Thursday, October 1, 2009
According to MoneyExpert.com, more than one in eight people have sought advice on managing their debt as the increasingly challenging economic conditions continue to heighten financial pressures.
In a bid to ease their worries, 13 percent of adults have requested assistance in controlling their borrowing as they attempt to cut back on loans, credit cards and mortgages. However, it would seem that those with the greatest concerns regarding their debt problems are failing to seek advice early enough. 51 percent of those who admitted to being ‘very concerned’ about their ability to manage their debts fall into this category. The research also revealed that 30 percent of adults are ‘concerned’ about their ability to deal with personal debts.
Sean Gardner, Director of MoneyExpert.com, commented; "Debt has been the ticking time bomb in the UK economy for the past few years with regular warnings that it's about to go off. The fear must be that 2009 will see the explosion. "The Council of Mortgage Lenders is warning about rising home repossessions and the banks are reporting growing levels of bad debts as customers fall behind on repayments.
"The fact that one in eight adults has sought debt help shows that debt advice is a growing industry and demonstrates that there is help out there. We'd advise everyone who is concerned to seek help early. "There is plenty of good advice out there from debt counselling charities to services such as ours which can help point you in the right direction. Don't bury your head in the sand."
Approximately 27.4 million people who have ever been in debt claim to have never asked for help on how to manage their repayments. MoneyExpert.com believe that around 82 percent of debtors either consider themselves to be in control of their finances, or are burying their heads in the sand.
Apparently, women are more inclined to seek advice than men, with young people being the least likely to request assistance. Just 5 percent of 18 to 24 year olds state that they have discussed managing debts with a person or organisation. Further research by MoneyExpert.com, revealed that 27 percent of people with debts went further into the red during the three months preceding December.
Homeowners that are juggling multiple personal loan and credit card repayments each month may wish to consider consolidating their debts with a secured loan. One of many finance options available, a debt consolidation loan could leave the borrower with just one, potentially lower, monthly repayment. Repayment terms from 5 to 25 years are available and it should be remembered that consolidating debt may increase the amount paid back overall and extend the repayment period of debts.
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Homeowners that are juggling multiple personal loan and credit card repayments each month may wish to consider consolidating their debts with a secured loan. One of many finance options available, a debt consolidation loan could leave the borrower with just one, potentially lower, monthly repayment. Repayment terms from 5 to 25 years are available and it should be remembered that consolidating debt may increase the amount paid back overall and extend the repayment period of debts.
