A Culture Of Debt
UK levels of personal debt are at record highs, following years of easy and cheap credit. Rising house prices mean that many are saddled with huge mortgages, while aggressive marketing of credit cards and personal loans mean that most of us have at least some unsecured debt – and many of us have significant amounts.
While no one actually enjoys being in debt, most people are able to keep up with their repayments and although cash might be tight, there is no real threat to financial security. Others, though, are not so lucky.
When the size of your debt repayments means that you don’t have enough money to go round, then the situation can easily spiral out of hand, leading to serious debt problems and even insolvency. Late charges and penalties mean that there’s even less money to go around, and as your creditors become more strident in their demands for repayment the situation can easily feel overwhelming.
However bad your predicament may seem, you’re not the first person to go through this and there are ways of getting help. Whether through debt consolidation, management, or even an IVA, there are strategies available to solve your current problems and wipe the slate clean.
There is also a wealth of help and information available for those whose problems have not yet become too serious. National charities such as the CCCS can give free advice, as can Citizens Advice, and there will also be organisations local to you who can offer help in ways to clear your debts, and over time eventually become debt free.
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