You are not alone when it comes to debt although it may seem so right now! The Citizen Advice Bureaux alone dealt with 8,910 new debt problems in England & Wales every working day during the year ending June 2011 … that’s over 3.2 million. That rate has remained relatively consistent with a total of 6.4 million people seeking help in 2014/15. Approximate numbers with accurate, up to date figures available at www.creditaction.org.uk
So, one thing’s for certain, you’re NOT alone!
You’re in debt and finding it hard to manage – first things first, DON’T PANIC, after all, it’s only money isn’t it and, no matter how horrible things feel right now it’s usually not that bad and don’t forget that you are never alone – especially right now when there are thousands and thousands who find themselves in the same, if not worse position to you. Owing money is not a crime and, believe you me, you are not alone in debt! Just as debt problems exists so do the solutions – a variety of options to suit different debt problems, providing different debt solutions and to help you deal with debt in the right way.
As debts build it can seem that there’s no way out, that your completely alone and there’s nothing you can do and no one you can share you worries with and those bills keep coming in and those commitments are relentless. Again, it may not feel like it, but there are things you can do and steps you can take – you CAN find debt help and you CAN get out of this situation. The most important thing to do right now is not to avoid the issue and pretend it doesn’t exist – it ain’t going to go away so let’s face it head on! Whilst you may not be able to get rid of all your debts right away you can certainly get rid of the worry!
The total UK personal debt stands at around £1,450bn of which secured lending accounts for £1,243bn and consumer credit to individuals £207bn. Average household debt in the UK is approx £8,000 excluding mortgages – a figure that increases to over £15,000 if the average is based on the number of households who actually have some form of unsecured loan. Include mortgages and this figure rises to nearly £56,000. This means that the average owed by every UK adult is nearly £30,000 … that’s 122% of average earnings!
Average consumer borrowing via credit cards, motor and retail finance deals, overdrafts and unsecured personal loans is over £4,000 per UK adult . The average household pays approximately £2441 each year in interest on their debts. UK financial institutions currently write off debts at a rate of £15.68m each day.
In the UK today, 331 people every day of the year will be declared insolvent or bankrupt. This is equivalent to 1 person every 60 seconds during a working day. Citizen Advice Bureaux dealt with 8,910 new debt problems every working day in England and Wales during the year ending June 2011. Approx 100 properties are repossessed every day, 142 new people become unemployed for more than 12 months every day and approx 1,600 people become redundant every day.
There are professional organisations who you can talk to and who will work with you to use the appropriate tools to become debt free – tools such as debt management plans, IVAs, debt relief orders, trust deeds, bankruptcy, etc. Alternatively you could do it yourself – we can introduce you to the resources needed and it may be easier than you think. Finally, there are a number of specialist debt charities that are there specifically to help anyone with debts or debt worries. These charities are a great place to start as they have websites packed full of information and resources and all completely free – we can introduce you.
Take heart in the fact that you are NOT alone – there are thousands and thousands in the same, or worse situation than you and there’s ALWAYS a way out of debt.
Good luck – we hope we are able to at least inspire you to tackle your debts head on with confidence, there’s plenty of help out there.