Debt Consolidation Demand Set to Sky Rocket
It's not looking good: rumours of up to 40,000 job cuts in the City, predictions of repossession rises, hikes in household bills, and rising consumer debt. As the economy prepares itself for a beating, debt consolidation demand is set to soar. Debt has risen to a five-year high according to recent reports. Some believe that UK consumers just won't stop shopping or living a lifestyle beyond their means; but others say that everyday costs such as council tax, gas bills and mortgage repayments are pushing people into debt. Debt consolidation is crucial for consumers and homeowners to help them safeguard their homes and their financial future.
Debt consolidation: Maxed out
New figures illustrate that consumer borrowing through overdrafts, loans and credit cards rose to £2.3 billion in February this year – the highest level since 2002. There has been a surge in borrowing as more people seek out debt consolidation loans. But the notion that consumers are taking out money for luxury holidays or indulgent shopping sprees is an unfair one; many people seeking debt consolidation solutions do so to meet basic needs, such as meeting mortgage repayments or paying the heating bill.
Debt consolidation schemes soar
In all, the UK has a total of £25bn problem debt, and newswire Reuters report that a leading debt management company predicts this figure could double during the credit crunch as more Brits succumb to debt woes. It's estimated over a million of us are struggling with unsecured debts averaging £25,000. Total consumer debt in the UK is a whopping £1.4 trillion. Debt consolidation, debt management schemes, IVAs and bankruptcy figures are all set to soar in the very near future. Refinancing solutions will be harder to secure as banks tighten their lending criteria, but debt consolidation demand is set to double. More Brits are expected to fall victim to the crunch as house prices continue to fall and redundancies increase. Debt consolidation is one way of ensuring you take steps to stay on top of your finances. Finding the right debt consolidation solution for your situation however is crucial – issues around debt consolidation and debt management urgently need to be addressed, and strong growth for the debt management market is expected throughout 2008.
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.