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UK debt help

Submitted by Paolo on Fri, 2006-08-11 09:37.

The UK debt help market is becoming more commercial by the day. The reason for this is that personal debt in the UK is spiralling out of control with many people unable to cope with multiple outgoings.

There are a number of debt help solutions available in Britain to cope with the ever growing number of people falling deep into the red. However, what all people in the UK need to realise is that you have to be prepared to help yourself before anyone else can step in with a solution.

More people than ever are spending beyond their means with the help of credit cards, store cards, loans and finance on a multitude of products. This wreckless consumer spending is the main reason that people in the UK have to look for debt help. If you're struggling with your finances, you have to stop spending money on things you don't need and realise you have a problem. 

Once you've accepted that you've got a debt problem and you're prepared to take action there are a number of places you can turn. We have a lot of advice, news and other resources that can help you with your finances right here, and get you moving in the right direction.

Another great place to start is by contacting your bank and explaining your situation. You might be pleasantly surprised by how much they can help you. If you owe money on credit cards or loans they might even be able to freeze repayments in order for you to get back on track.

The government have a number of really useful resources to help you combat debt, so this is something that's definitely worth looking into. If you have serious debt problems then you'll probably have to consider professional debt help and the UK have plenty of companies waiting to listen to your problems.

Make sure you listen to what they have to say about your problems but remember, just because they offer you one solution, it doesn't neccessarily mean that it's the only option you have. Make a list of all your options and consider the benefits and drawbacks of each. This will help you find a solution that works for you.  

Parents downgrade to avoid debt

Many people in the UK will consider moving to a smaller property in order to avoid debt problems once they've retired.

Research from the Yorkshire Bank has shown that 11% of parents are considering downgrading their property once their children have left home.

Savings dwindle as debt increases

Many people in the UK have dipped into their savings in order to help pay off debt generated over the Christmas period, according to new findings.

Research carried out by Birmingham Midshires has shown that 14% of savings accounts were accessed over the December holiday, which shows that many consumers need extra assistance servicing the debt they've amassed on credit cards and other bills.

Financial education is needed

A leading industry expert has commented that  financial education should be compulsory in schools, as it would help the debt problems in the UK.

Investment manager for Hargreaves Lansdown, Ben Yearsley commented that by educating monetary issues to children before they leave school, they would be less likely to find themselves in debt.

Poor health does mean poor finances

The amount of personal debt in the UK has been closely linked to poor health for the first time.

New research from Standard life has shown that for people missing substantial amounts of time off work - the cost was on average £5,320 which only served to add to many people's personal debt.

Base rate hike to increase personal debt

The Bank of England's decision to rise the base rate is set to increase personal debt in the UK.

It's feared that homeowners are going to struggle to make mortgage repayments, which experts think may have a dominoe effect on all types of debt. 

Poor awareness of interest rates increasing debt

The moneysupermarket.com has singled out a lack of knowledge about rates of interest as a major factor in the increased amount of debt in the UK.

Debt Advice

The debt advice website insolvencyhelpline.co.uk has published a ten step guide to handling debt, with tips on dealing with creditors and interest charges. 

Debt Help company predicts doom

Debt Help campaign group 'Debt on your Doorstep' says that even small increases in interest rates could plunge many UK consumers into financial doom.  

Debt help 2007 predictions

Debt help companies have made their predictions for finances in the UK during 2007 - with a host of different views.   

FSA Slammed by Publication

The Financial Services Authority (FSA) has been slammed by Which? magazine for not clamping down on advertisements from debt companies they call ‘misleading’.  

Debt Help For Poor

Former cabinet minister David Blunkett is demanding more debt help to the poorest people to help them out of personal debt.

Debt help needed for Pensioners

Pensioners are as in need of debt help as the rest of the UK.

Recent research on pensioners debt in the UK shows that two million pensioners have £15.9 billion debts between them.

Pensioners credit card debt: over 1.5 million of that is on credit cards.

Survey reveals debt and overspending

Worrying UK debt and overspending patterns have emerged in a survey conducted by internet bank Cahoot, emphasising the growing need for UK debt help.

According to the survey 59% of people in the UK are spending more than they actually earn. As many as 49% in the UK are in debt and overspending with a credit card, while 48% are using their overdraft to help fund their lifestyle.

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