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Debt Consolidation

Debt is the UK is at its highest ever level, and currently stands at just below £1,460 billion in personal debts. If you include mortgages the average debt per person is £30,200.

If you only include people who have unsecured debts, the average person’s debt excluding mortgages is a staggering £21,300. So it is little wonder that with the current financial situation, huge numbers of people find themselves in a critical personal debt situation.

Even those who still have a good income are having problems because the amount of debt they have accrued over the last decade of easy credit has meant that millions of people are struggling to meet even the minimum payments each month.

On average a credit card can take 16 years to pay off at minimum monthly payments, because the interest rates are so high.

So how can ordinary people get themselves out of this situation. The answer for most is through debt consolidation. This is one single debt that replaces all of your other debts such as credit cards, store cards, car loans, and personal loans for items such as electrical goods, with one loan secured on your home.

What confuses most people is what is the point of swapping one loan for 12 other loans, they feel they are just exchanging lots of debts with a single one. Well that is true, but the point of debt consolidation is to pay off all your debts that attract high interest, and replace them with one debt at a much lower rate of interest that also has a much longer term.

The result is that taking out a secured debt consolidation loan will dramatically cut the amount you have to pay each month, allowing you more free cash, which will take away the strain of trying to juggle your debt payments, and replace that with one loan that you can actually afford to pay without over-stretching your financiers.

Latest Debt Consolidation news

Credit card debt dropping after 2 years

Promising new data provided by the UK payments administration has revealed that credit card spending has hit a two year lull – people seem to be avoiding putting money on credit cards.

Put too much on credit cards during your holidays?

People over fifty have been found to own on average about five or more credit cards according to a survey conducted by Saga holidays. The trouble starts when people can no longer afford to pay off their credit card debts.

Update on Chek Whyte Debt

After the story a few weeks ago on check whyte facing bankruptcy, he would of preferred to take out an IVA. Well it appears his IVA has been denied.

Michael Jackson estimated to have bigger debts than before

Amassing a great personal wealth didn’t stop Michael Jackson spending over two million dollars a month even though he earned just over seven hundred thousand dollars a month. He’s left behind a great deal of debt to various colleagues and legal advisors.

£54bn credit card debt – more write offs

As the recession continues to take hold of people in it’s anaconda like grip, more people are unable to pay off their credit card debts, which means the holders of all this credit card debt, around £54 billion, are contemplating even more write-offs over the next twelve months.

Indian company cuts debt

The worlds third biggest spirits manufacturer, based in India, is in debt by around seventy billion rupees, and is planning on paying off 300 million dollars off in the next few months.

Credit Cards critical situation cautions IMF

The International Monetary Fund has set alarm bells ringing by warning of the credit card debt situation worsening because alot of people will be defaulting on their credit card payments.

Getting out of debt

The way society is going right now it’s all about ‘must have’ items and 0% finance deals. Buy now pay later – and a lot of people are really paying later, but in terms of too much accumulated debt.

Questionable debt consolidation loans from FirstPlus

The Bank of England base rate has plummeted. So why has Firstplus loans decided not to reduce it’s rates? Firstplus was sold to Barclays. It originally promised consumers

Rates for unsecured loans going up

Players in the unsecured loans field are starting to pull out. They are noticing an increase in consumers going unemployed and defaulting.

More recently unsecured lenders have increased their rates by an average of nearly 4%.

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