Debt Management – The Worrying Extent of the Debt Crisis
Debt management plans up and down the country are being compromised by a combination of factors such as tighter lending criteria, soaring living costs and the general economic downturn resulting from the credit crunch. The extent of the problem has only recently come to light, however, amidst findings from financial website MoneyExpert.com, which discovered that around 40% of consumers in the UK do not they can get their debt management plans back on track and can't see any way in which they can pay back their arrears.
Debt Management – Losing Grip on Financial Reigns
According to the report on Channel 4 News, the fact that the debt management plans of 38% of consumers, which equates to around 13 million, are simply not working in the current economic climate and those with substantial levels of debt simply cannot see any sort of light at the end of the tunnel in terms of paying back what they owe. The 38% figure of consumers who worry about their debt management capacity is up a staggering 33% since the start of 2008 and is indicative of the debt management problem that the country now faces. The primary concern for many is that the soaring costs of living is meaning that they are having to take on even more debts and their debt management mountains become increasingly insurmountable.
Debt Management – Looking at the Figures
According to the research conducted by MoneyExpert.com, only 36% of Brits with mortgage arrears are totally at ease with their situation and have no worries about their debt management capabilities. Conversely, 8% of Brits suggested that they were ‘very concerned' about their ability to keep up with debt repayments. This is a stark warning of the debt management debacle that looms in the UK and, speaking to Channel 4 News, Sean Gardener of MoneyExpert.com, states, “There are many economic and political measures of a downturn, but there is nothing quite as real as people in debt saying they can't repay the money they owe. With close to 40% of those who owe money worried about their ability to stay on top of their debts, these latest figures add up to a collective cry for help as Britain's enormous debt management mountain looms larger than ever.”
Speak to Kensington Finance about Debt Management
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.