Debt Consolidation – Can you really be Debt Free?

Debt consolidation is just one strategy used to help people take control of their debts and find a way to get on top of their finances. But is it really possible to be completely debt-free? Debt awareness is something the government and society is trying to instil in consumers in an attempt to curb over-spending, and reduce poor financial decisions.

Debt consolidation: Take control

According to research by Engage Mutual Assurance, debt is overtaking traditional topics of concern for worried parents. Debt consolidation is a reality in more of our lives than ever before. Today's youth are acclimatised to a credit card and overdraft culture; they take out huge loans to secure an education and over-stretch their incomes to afford a mortgage. It's no wonder that debt is now deemed a more important subject for parents to educate their children about than sexually transmitted diseases or racism. Debt consolidation is a strategy more people are turning to and the research confirms that debt is a huge source of anxiety for parents across the UK, it found that:

64% of parents felt debt was the most common money issue of parental education

62% felt saving for the future was the next important issue

Financial concerns came ahead of racism, which received 58% of the vote

53% of parents put illness and death as the next concern

52% felt STDs were a crucial topic – a whopping 12% below debt fears

Debt consolidation hits the young

Debt consolidation strategies and debt management is becoming increasingly important for younger generations. The amount of personal debt in the UK has tripled in ten years and more of us are turning to debt consolidation in order to make ends meet. As the cost of living continues to rise, from petrol to wine, debt consolidation will keep climbing to the top of our list of priorities. Debt consolidation and reigning in spending has already resulted in 43% of Brits worrying they can't afford to save, with 60% cutting down spending on non-essential items – 9% of us have cancelled holidays to save money.

It's been estimated that it takes UK workers the first 70 days of the year just to clear interest on their debts – including credit cards and loan debt. This year, what's been dubbed ‘debt freedom day' fell mid-March: 39 days later than last year, proving that debt consolidation is needed now more than ever.

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.