Going by the recent government figures, Britain seems to be caught into one of the worst credit binges in history with about 11% of the UK population having problems with repaying their debts. More alarming is the fact that the figure is continuing to rise.
According to Citizens Advice while it is true that some people took loans they shouldn’t have taken in the first place, there were others who were lent irresponsibly far too much.
Cases of bankruptcies, insolvencies and unemployment are rising. A recent article in the Journal of Health Economics has also noted that there is a direct link between rising debts and mental health problems, highlighting the wider and perhaps a more serious impact that the society is facing.
For the last few years, the government has funded debt advisers to provide the free face-to-face advice to help people understand their financial situation and, more importantly, to help them negotiate with their creditors for manageable repayments. The Financial Inclusion Fund is the only dedicated government fund for providing free debt advice.
However, the fund is within the Department for Business, Innovation and Skills, which has to make £1bn of cuts in the coming year, and no decision has been made on whether to continue free provision.
In this climate of austerity, one option is to seek debt advice from reputed debt management companies who can help you deal with your financial problems. If you are dealing with multiple unsecured debts, you can seek a face-to-face meeting with a debt advisor who can give you a clear picture of what’s going on and how you can engage with the problem.
Seeking debt advice can save you a lot of stress, especially if you’re facing eviction, have rising multiple debts, complex financial problems, and bailiffs knocking at your door.
So remember, free advice and help is available for you to take advantage of and we are always happy to give you the help and support you need.
Tags: credit, debt, Debt Advice, Debt Help, debt management