Debt Management – On the Breadline
Debt management is fast becoming a buzzword as more victims of the credit crunch emerge. Switch on the news, open a paper, or go online and it's hard not to witness another family facing repossession, struggling with mortgage hikes or falling into negative equity. Debt management is serious business – helping people stay afloat, avoid repossession risks, and find an exit route to financial well being.
Debt management – Lifestyle changes
Debt management has become so central that many people are re-examining their day-to-day spending. Annual holidays are being foregone and spending on non-essential items and weekly treats is being subdued. So much so, that a recent news report from the news agency Reuters stated that the Friday night take-away is in line for the chop as consumers tighten their financial belts (although this could be good news for their waistlines too!). Debt management is becoming a priority for households across the UK as the impending recession creates consumer nerves. A poll by a leading financial website found that nine out of ten Brits will cut spending on non-essential items in response to the threat of looming financial meltdown.
Debt management: Dwindling Consumer Confidence
More Brits will take debt management steps as the poll found:
Two-thirds of Brits will cut back on take-away dinners such as curry, fish and chips and kebabs
67% will take control of their shopping by curtailing retail therapy sessions
Debt management strategies include fewer holidays for 49% of consumers
For more financial wealth, and better health, 12% plan to quit smoking
Debt management strategies include finding ways of reducing outgoings and taking steps to safeguard the future, such as setting up savings accounts and investing in pensions. For many in the UK already struggling with debt management strategies, these kinds of cut-backs are already common practice; the average working family in the UK has less disposable income than they had ten years ago and more personal debt.
According to the report by Reuters, debt management strategies have never been so urgently needed: personal debt is growing at a whopping rate of one million pounds every five minutes. Every last penny we have has to be accountable and fight its corner as we're being squeezed from all directions. Anyone with an effective debt management plan will know that a tight budget is the best way to survive the looming economic crisis.
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.