| The National Consumer Council reports
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| | money in the long term as many loans
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| that 6 million families in the UK are
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| | advertised can have repayments run for
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| already struggling with debt. The UK
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| | periods up to 25 years.
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| level of debt recently crossed the £1
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| | If you pay creditors on time, regardless
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| trillion threshold, of which
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| | of what it takes to pay them, you are
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| approximately 80% is due to credit cards,
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| | classed as a good payer and therefore,
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| loans and mortgages. In the past 6 years,
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| | not a risk when it comes to additional
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| the number of people seeking debt advice
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| | borrowing. In fact, your finances might
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| has risen by 44%, and is expected to rise
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| | be in chaos and you could be using money
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| even further.
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| | from one credit card to pay debts on
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| People find it difficult to make debt
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| | another credit card, but many lenders
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| repayments for a number of reasons. Most
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| | will still provide further finance. As a
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| often, the main cause of non-payment is
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| | result, outstanding debts are merely
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| usually down to some form of change in
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| | maintained, with payments primarily being
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| personal circumstances such as
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| | made towards interest with little or no
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| unemployment, divorce, illness or a new
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| | monies going towards the actual balance
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| arrival in the family. In these
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| | of the debt.
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| circumstances, many people look towards
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| | Many debtors find themselves in the
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| borrowing more in order to pay off
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| | hands of specialist debt collection
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| creditors or household bills.
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| | agencies. There are many such companies
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| Unfortunately, taking on more debt to pay
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| | in the UK, such as Capquest Debt Recovery
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| off existing commitments is often a
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| | who buy delinquent debts from creditors
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| recipe for disaster.
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| | and then pursue the debtor themselves for
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| However, debt can have an effect on more
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| | the balance owed. However, for many
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| than just a person's financial affairs.
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| | people, arranging an IVA (Individual
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| In fact, debt is a major contributor
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| | Voluntary Arrangement) is a viable
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| towards stress, depression, anxiety,
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| | solution, allowing a lower payment to be
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| mental health problems, relationship
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| | made to creditors over a period of time.
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| breakdown and even suicide in some severe
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| | There are several companies who can
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| instances. A lack of financial awareness
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| | provide advice on this course of action.
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| is often cited as a reason for people
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| | If people find themselves in financial
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| falling into debt. Although debt is a
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| | difficulty, there is a wealth of free
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| nationwide problem, and affects people of
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| | financial advice available to help. The
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| all ages and backgrounds, the financial
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| | Citizens Advice Bureau can help to
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| cost of debt is not limited to an
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| | negotiate repayment plans with creditors
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| individual and in fact can impact greatly
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| | and debt collection agencies, so that
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| on society.
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| | monthly payments are reduced and become
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| Many people believe the Government
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| | manageable. By seeking out such advice,
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| should do more to highlight the issue of
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| | tackling the problem of debt needn't be
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| financial awareness, targeting the loan
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| | as daunting as it might appear and could
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| companies and credit card issuers whose
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| | in fact have a positive effect on both
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| advertisements run constantly on
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| | the financial and social aspects of being
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| televisions across the country. In many
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| | in debt and lead to financial problems
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| cases, consumers become seduced by the
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| | being a thing of the past.
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| promise of lower payments and relief from
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| | The Capquest Group are members of the
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| their debt burden without realising that
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| | Credit Services Association.
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| they could well end up spending more
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|
