•4.1 Million Use Credit Cards For Mortgage or Rent
There’s nothing wrong with debt in itself. Without debts such as mortgages and car loans, we wouldn’t be able to live our lives the way we want. But once we can’t afford our debt repayments, it’s time to ask for help, seeking expert debt advice or looking into professional debt solutions such as a debt management plan, debt consolidation loan / mortgage, IVA (Individual Voluntary Arrangement) or Trust Deed. The alternative could be doing something we’d normally never consider – like paying the...
•Are You ‘Unable’ to Save?
It’s well-known that the credit crunch and rapidly rising costs of living are affecting spending power, as well as the ability to obtain credit – but what about the other side of the coin? According to a new report from Scottish Widows, one in three UK citizens feel they can no longer afford to put aside any savings for the future.
The survey of 6,381 people, carried out by YouGov, also showed that half were not saving enough for a comfortable life after retirement.
Why are so many people...
•Cancelling Holidays and Paying Off Debts. Good Sign or Bad Sign?
If you’re in a hole, stop digging – it’s true of most things, and it’s certainly true of debt. So maybe The Times brought us good news when it announced that 58% of Britons were planning to cut back on their summer holidays, and 19% canceling their summer holiday plans altogether. Maybe it’s encouraging to see people re-prioritising, keeping their money for essential things like rent, food and petrol.
On the other hand, it’s worrying to see so many cutting back on their holidays. Holidays...
•Debt Advice – Tips on Avoiding Repossession
When a homeowner faces the threat of repossession, finding a way to make those monthly mortgage payments jumps to the top of their priorities list. Their first port of call should really be their mortgage lender, who may let them reduce or reschedule their payments until they can get their finances under control again.
There are, however, other places they can turn to. Often, people can’t pay their priority bills (such as their mortgage) because their non-priority bills (credit cards, personal...
•Debt Consolidation – Dos and Don’ts
You’ve probably heard all kinds of stories about debt consolidation. Some of them portray it as the simplest and best way out of debt. Others paint a disturbing picture of escalating debt that leads inevitably to financial disaster.
The reality, of course, lies somewhere in-between. Debt consolidation may or may not be the best way for you to get out of debt. It all depends on a wide range of factors: not just how much you owe, but how much you earn and what kind of debts you’re thinking about...
•Debt Consolidation – Preventing Debt Problems at an Early Age
Why has ‘debt consolidation’ become such a common phrase nowadays? Unfortunately, the answer’s straightforward – it’s because debt has become a way of life for so many. It’s a sorry reality for even the youngest adults in our society, as illustrated in a recent publication from Rainer, the national charity for under-supported young people.
Published in May 2008, the report looks at credit, debt and other financial issues confronting today’s youngsters. It ‘picks apart some of these challenges...
•Debt Management: Pros & Cons
Anyone who knows something about debt probably knows something about debt management companies – professional firms who will manage an individual’s debts on their behalf.
This article takes a look at the pros and cons of debt management in terms of three topics close to any borrower’s heart: saving money, reducing stress levels and protecting credit rating.
Topic #1: Saving money
Pros: Monthly payments lowered. Interest frozen. Charges waived. The better their relationship with creditors,...
•The Real Cost of Living – and Why the Inflation Rate Tells a Different Story
To those of us keeping a close eye on our finances, the official 3% inflation rate might seem a little short of the mark. It may well be above the Government’s target of 2%, but to most UK households, a 3% rise in average costs would be affordable, if a little inconvenient.
In reality, the UK has recently experienced some much sharper rises in costs of living that are putting many people under serious financial strain.
It’s clear that the official inflation rate does not tell the full story....
•Why Choose Debt Management?
Why choose debt management? Some debt solutions seem to offer a lot more for a lot less, so why would anyone select a solution that doesn’t promise an easy way out?
With debt, as with anything else, if it sounds too good to be true, it probably is. There is no ‘easy way’ out of debt. Debt is a real problem and as such deserves a realistic solution. If someone owes money, their lenders are going to do their best to recover it. Wouldn’t you?
Why do lenders agree to debt management?
The best...
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