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Debt Management – Wearing the Debt Blinkers

A most concerning debt management statistic came to light recently after research conducted by CreditExpert discovered that as many 1 in 10 of Brits have absolutely no idea about the finances; which paints a bleak debt management image.

One of the most crucial aspects when it comes to remaining on top of debt is to not ignore the issue and proactively tackle it head on. However, the substantial debt management problems across the UK may be even more widespread than first feared amidst reports that around 10% of Brits aren’t aware of the current state of their finances. For those experiencing financial and debt management problems in 2008, many will decide to seek the expert advice of financial specialists in order to acquire a more tangible understanding of their debt situation in order to tackle it more successfully.

Debt Management – Negotiating Financial Obstacles

Looking at the findings from the survey carried out by CreditExpert paints a worrying debt management picture that will need to be addressed to avoid the debt bubble bursting completely. According to the survey, some 96% believe that they are familiar with their financial situation but further examination shows this not to be the case. In actuality, people’s debt management plans are much less in hand as only 26% could accurately state how much of their loans they had left to pay and 20% openly admitted to looking at their debt management plans only once every six months. Perhaps most shockingly of all, one in ten Brits confess that they don’t know how much debt they are in.

Debt Management – Jargon Buster

It’s not only a general lack of awareness surrounding our finances that is causing the debt management nightmare across the country; there is also a naivety surrounding financial terms that pertain to debt and debt management. For example, the research findings from the CreditExpert survey states that there is a lack of understanding about the APR charges on credit cards with some 48% unsure of the APR on the credit cards that they own. These financial issues when coupled with the general economic downturn in the UK have resulted in the debt management problems being witnessed and many will turn to assistance from debt specialists during 2008 in order to get their finances back on track.

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.