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Posts Tagged ‘debt help’

Debt: the facts!

We the people of the UK are in a lot of debt! Fact! The total UK debt for summer 2008 stood at £1945 billion and that figure is increasing every second. In fact we are in so much debt that consumers will borrow an additional £320 million today alone, and tomorrow and the next day! debt help is needed yet we still borrow more!

Don’t Become another Debt Statistic?

On Average, each household in the UK is nearly £14500 in debt and when you have a young family or even live on your own – £9000 is a tall hill to climb. Furthermore if we were to split the total debt for the UK by the total population (60 million), total UK debt still leaves £22.50 owed by every woman, man and child in the UK. That doesn’t sound like a lot of debt but by god is it! Think about it, in theory every newborn baby owes the equivalent of £22.50 by the time he or she is a second old! That is a lot of debt, and it is simply not right!

With 330 people being declared insolvent, 2,750 county court judgements issued and £1 billion in mortgage lending being handed out today alone, it seems that our debt problems will not go away any time soon! If you’re in debt, seek a debt solution today!

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Bankruptcy is on the increase and set to rocket by the end of the year, as Britain locks horns with over £1.3 trillion worth of debt.

At present, over 26,500 people in the UK have declared bankruptcy or arranged an during April – June of this year. This is an increase of 4.2 per cent in comparison to the figures for the same period in 2007.

Uswitch have estimated that the number of people who take out an IVA between now and December 2008 will have soared to over 342,000.

Typical household debt in the UK is currently ascending by £13 per day with 12 people every hour entering bankruptcy or an IVA. This is largely due to variable rate mortgages increasing by over 65% in the past five years.

As consumers consistently borrow, more and more will be seeking debt help especially when the Bank of England base rate rises yet again before the end of the year.
Increasing household debt forcing people to look at their finances
The latest rate increases have caused over 7 million women to take a serious look at their finances. 23% of females are concerned by the amount of debt that they have accumulated but are making matters worse by shuffling credit to cope with accumulating interest..

On the other side of the coin, over 65% of women have either reduced the amount of debt that they owe or have not added to the amount outstanding.

Women prefer to borrow from safer lenders such as friends and family rather than a traditional loan or overdraft, which means that they have less interest to pay back. In contrast, the male pride will not allow guys to accept token gestures from their nearest and dearest and prefer the more conventional route of borrowing.

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