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Debt Management – The Shocking Daily Rise of Personal Debt

The level of personal debt in the UK is spiralling out of control as a result of the debt management problems being experienced by millions of Brits. New research says that personal debt rises by a staggering £300 million per day.

Debt management in the UK is now problematic to say the least and battle weary Brits are being bombarded from more or less every financial avenue. Factors such as the property market slump, sharp increases in the cost of commodities and soaring utility bills have meant that consumer’s debt management capabilities have been severely compromised. Just how much they have been compromised can be seen in the fact that personal debt in the UK continues to rise at a rate of £300 million per day. Many people are expected to seek expert debt management advice during 2008 in order to try and get their finances back on track.

Debt Management – Damaging Finances

Debt is becoming a burden to more and more people across the UK as the credit crunch tightens its grip on the finances of those who are already struggling to make ends meet. According to research conducted by Credit Action, the level of personal debt increases by almost £300 million each day as consumers pay out this amount in interest alone which makes debt management regimes increasingly difficult to maintain. The research suggests that, excluding mortgages, the average consumer has around £10,000 in unpaid debts which is creating the vast levels of debt being accumulated each day and adding significantly to the collective debt management mountain.

Debt Management – Interested in Interest

The interest rates associated with credit cards is one of the primary catalysts when it comes to increasing the levels of personal debt of consumers up and down the country and throws many debt management plans into disarray. According to the research by Credit Action, the average household pays just under £4000 each year just to service the interest on loans and credit cards and this takes financial freedom further and further out of reach as people’s debt management plans fail to keep their finances in check. As such, many are expected to seek out expert financial advice on the right debt management plan for them or utilise schemes such as an individual voluntary arrangement (IVA) in order to look forward to a future free from debt.

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.