Debt Management – The Bank of Son & Daughter
Due to the current economic climate and the profound effects of the credit crunch, large numbers of homeowners and consumers are feeling the financial pinch. Whilst it's generally expected that parents would be the ones bailing their offspring out of debt management problems, recent research from Scottish Widows discovered that a large number of parents were actually relying upon money given to them from their grown up children to tackle their own debt management issues.
Debt Management – Open For Business
The ever increasing cost of living, the substantial and on-going effects of the credit crunch and the plummeting property market have combined to cause a debt management nightmare for the older generation of parents across the UK and, according to the research carried out by Scottish Widows, as much as £11 billion has been handed over to parents from their grown up offspring to help them get their debt management plans back on track. This seemingly massive amount of money needs to be put into context, however, and parents are still providing their children with much more debt management assistance than the other way around. Anne Young of Scottish Widows states, “It's obvious that parents have felt the pinch as a result of being 'sapped' for thousands of pounds from their adult children and are now turning the tables on them and 'sapping back'.”
Debt Management – Turning The Tables
Some may say that it is not unreasonable for parents to request financial assistance from their offspring after providing them with so much help over the years. It is of little surprise that the debt management problems of both parents and children are so profound given the current state of the economy and property market in the UK. The credit crunch has already led to significant belt tightening amongst consumers and homeowners; and things are predicted to get worse before they get better.
Speak to Kensington Finance for debt consolidation and debt management solutions.
Kensington Financial Management Consultants Ltd is a total finance solutions company helping people all over the UK. We speak financial sense. We will allocate you a friendly advisor who will chat through your current situation and formulate a plan for you without obligation. Let us work out a financial solution based on your individual circumstances. It's our aim to help everyone who contacts us. With debt solutions from debt management and IVAs, mortgages & re-mortgages, secured & unsecured loans and advice and information for debt consolidation, bankruptcy and Trust Deeds, we can help. It really is worthwhile giving us a call or applying online today for a confidential chat with one of our friendly advisors. Call FREE on: 0800 096 4409.