Debt Management – Staggering Annual Increase In Personal Debt
According to research conducted by Credit Action charity, the extent of the debt management crisis in the UK has been brought starkly to light by the assertion that the level of personal debt in the UK has risen by £113 billion in a single year. The capacity of homeowners to successfully employ debt management plans has been seriously undermined by a scarcity of affordable mortgages and, similarly, consumers have had their debt management plans thrown into disarray by the spiralling costs of living.
Debt Management – Drowning in the Sea of Debt
After the substantial increase of £113 billion in a single year to the total level of personal debt, the overall outstanding debt of consumers in the UK stands at a mind-boggling £1,430 billion. Debt management in the face of such an astronomical amount of arrears is becoming increasingly difficult as lending institutions severely tighten their procedures and the costs of everything from utility bills to shopping budgets continue to skyrocket.
Debt Management – Mortgage Mountain
Obviously, for most people, the biggest debt that they owe is in the form of a mortgage and, given the utter slowdown in the property market, the debt management problems that this creates is substantial. Experts suggest that around 12 million Britons have significant mortgage arrears and the average about still owed topping £100,000. Another factor that is crippling the debt management plans of those who are already struggling financially is the amount of interest that is paid out to service their debts. An accumulation of factors have taken a hold of people's finances and made debt management a real struggle which is why many in 2008 will opt to utilise financial schemes such as an individual voluntary arrangement (IVA) to help secure their financial futures.
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.