Debt Management Solutions – Grappling Consumer Debt
Debt management can help you get a handle on your finances, which in turn, can have a knock on effect on other areas of your life. Debt causes misery. As well as anxiety and depression, it can feel debilitating leaving a cloud hanging over your future. Severe debt can make you fear for your home and assets, leaving you with no sense of security or peace of mind. But debt management is one way of getting back on the path for a brighter future.
Debt management now crucial
Debt management has never been so crucial for the UK – recent figures show that the UK is in fact Europe's card capital. The predominance of debit and credit cards goes some way in explaining why the UK is the most indebted country in Europe. Credit has been easy in the past few decades, but now the easy credit, high mortgages, reliance on credit cards, and endless loans are leaving us with a bad debt hangover. As the credit crunch kicks in, more consumers are being turned down for loans, credit cards and mortgages than ever before. And for those in debt, being in debt has never been so pricey. Debt management is one way forward.
Credit culture – the debt hangover
In a credit culture that has witnessed the ‘march of the card' the UK now has 73.2 million debit cards and 71.8 million credit cards. Statistics show that Brits have on average 2.8 payment cards, of which 1.4 are credit cards. Other European countries are far more moderate, with one card per person in France and 1.6 in Germany. The years of easy credit are now being called into account with debt management schemes, the increase in bankruptcy and IVA figures, and the sharp rise in house repossessions.
Debt management – a rescue line
Statistics show that debt in 2006 was already high – with UK personal debt totalling £1.4 trillion and a 15% increase in debt calls to major debt charities. But 2008 looks bleaker than ever, thanks to the global credit crunch. Debt management however isn't just for those consumers who live a champagne lifestyle. A report by Scottish Widows suggests that just meeting the cost of living, UK families need two, or more, wage packets – something that isn't feasible for most households. Debt management is now top of the agenda for day-to-day living, as the survey showed:
51% of families with more than one child said they could not cope without two salaries.
More young mums are being forced to work
A quarter of UK families have no savings
Levels of debt seem to increase in line with family size.
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.