Debt Consolidation - Addicted to Debt?

According to a report in the Daily Express, the Tories claim that people in the UK are addicted to debt. However, many are expected to tackle their debt management problems with debt consolidation loans in 2008.

The issue of debt management in the UK is now so pressing that seldom does a day go by that the state of the economy is called into question in the nation’s media. According to the report in the Daily Express, one of the primary causes of the debt management crisis is the British consumer’s over-reliance on store cards when it comes to making purchases. Many people find their debt situations have been made more or less untenable by having too many credit and store cards which have led to uncontrollable debts. However, many financial experts point to the proficiency of schemes like debt consolidation loans when it comes to tackle high end debts. Of course, the most important aspect to address when it comes to debt management is the nation’s dependency on credit and willingness to allow themselves to be cut adrift in a sea of debt.

Debt Consolidation - Money Matters

According to the report in the Daily Express, consumers in the UK now owe a staggering £2.2 billion on store cards alone and the debt management burden that this figure creates is significant. Unfortunately, for those struggling with financial arrears, money owed on store cards is usually just a part of a larger debt management problem, with large numbers also heavily in debt on credit cards as well. As such, many such consumers are expected to seek expert debt management advice which will often take the form of debt consolidation loans. Debt consolidation loans often prove successful in tackling significant credit card and store card debts as they will reduce monthly outgoings by placing them into a single monthly payment rather than having the stress of dealing with multiple arrears to a myriad of creditors each month. Speaking to the Daily Express, Shadow Secretary, George Osborne, stated, “We’ve got a big problem in Britain – we’re addicted to debt. We are seeing the consequences of that as the credit crunch hits and everyone is finding it more and more difficult with the rising cost of living.”

Debt Consolidation - Adopting a Sensible Approach to Debt

The chances of any individual falling into debt have been greatly increased due to various economic factors stemming from the credit crunch and it goes without saying that debt management is much more problematic than at the same stage one year ago. However, if you do feel that your finances are no longer within your control, the first thing to do is seek professional debt management advice and consider the use of schemes like a debt consolidation loan.

Speak to Consolidate My Debt about Debt Consolidation

Consolidate My Debt are debt solution experts who offer a range of options to those in financial difficulty. Consolidate My Debt use fully trained debt advisors to ensure they find the right financial solution for you. Financial solutions from individual voluntary arrangements (IVA) to debt consolidation are offered and Consolidate My Debt can consolidate your debt into one affordable monthly payment. To find out more about the IVAs, debt consolidation and other financial solutions on offer from Consolidate My Debt just freephone 0800 158 3654 or email enquiries@consolidatemydebt.co.uk.

Back to Consolidatemydebt Homepage
Back to Debt Management Articles