Over the past few years the global financial crisis and the recession has sent many people plunging into debt, with many having built up credit card debts, taken out loans, spent on overdrafts, and wiped out savings in order to make ends meet financially.

It has now been reported that millions of Brits are worried about their debt levels, with personal debt having a real negative impact on the lives of many who are struggling to cope with repayments and finances. The survey was carried out by R3, and showed that forty percent of Brits were worried about the amount of money that they owed.

The most concern was amongst those that had run up debts on their credit cards, and in the current climate many find it hard to switch from high interest cards to 0 percent cards because of the strict lending conditions being exercised by banks and providers. Thirty two percent of those polled said that they were concerned about their overdraft debt.

The study also found that people living in London were most likely to be worried about their debt, with forty nine percent of those polled in the area stating that they were worried about their personal debt levels. Forty four percent of those that were in the north east and north west said that they were concerned by their debt levels. The least concern was amongst those living in the ease, where just thirty three percent were worried about their debts.

Source - Clear Debt

There is no doubt that consumers in the UK have a serious problem when it come to personal debt, and much of this debt has been accrued on credit cards, with debt problems spiralling out of control for many credit card holders. One debt management group has now accused lenders of failing consumers in the UK by getting them into increased levels of debt through irresponsible lending.

An official from the debt management group MoneySolve said: “Of course we all have to take an element of responsibility for our own borrowing. But the lenders are the supposed experts here. They have to accept a level of accountability for instances in which people are permitted to borrow more than they can realistically afford to repay.”

The debt management group has condemned the reckless credit card lending that some lenders have been accused of, and this comes after recent press reports claimed that some consumers were now being offered cheaper credit than they were before the recession, sparking fears of over-borrowing and over-commitment when it comes to finances.

The group also commented on the long periods of interest free credit being offered on some credit cards now, stating: “This is nothing short of reckless. We’re in a period in which there are heavy spending cuts coming, potentially costing a lot of jobs, and we’re still feeling the effects of the last recession! Some lenders just haven’t learnt from the mistakes that contributed to the last economic crisis. Over-lending encourages over-borrowing and this results in higher levels of personal debt. It’s as simple as that.”

Source - CPI Financial

In the current economic and financial climate many people have found themselves in debt, with a huge number of people having a range of debts to deal with from credit cards and store cards to loans, overdrafts and more. For many people this means having to pay multiple interest charges to a variety of different creditors as well as having to deal with a range of repayments each month.

One recent report has suggested that consumers that find themselves in this situation could benefit from consolidating all of their different loans and debts into one lower interest consolidation loan. Experts have said that this could help consumers to avoid having to pay multiple interest charges to a range of creditors and could help them to avoid the hassle of making a range of different repayments each month.

Consumers that are interested in consolidating their debts and loans, which basically means rolling them all into one convenient loan rather than having lots of separate debts, will find a number of providers that offer these facilities, and therefore browse and compare different consolidation loans in order to try and get the most competitive deal.

When looking for a consolidation loan to sort out their debts consumers should ensure that compare different areas of the loans before making any commitment, such as the interest rate charged, the repayment periods offered, the monthly repayment, etc. By finding the right consolidation loan consumers may be able to make significant savings on their monthly outgoings and cut the amount of interest that they pay overall on their debts considerably.

Source - Free-Press Release Distribution

Over the past couple of years getting a credit card or any other form of finance has become a difficult task for many consumers in the UK, with the effects of the global financial meltdown coupled with the recession making it difficult if not impossible for some people to get their hands on a credit card, no matter how desperately they might have needed one.

However, a debt management group has recently expressed concern that there has been an increase in the availability of certain credit cards and that rules over credit card lending have become more relaxed, the combination of which could result in the level of credit card debt in the UK rising, as more and more people flock to take advantage of this increased availability.

Figures indicate that just one year ago there were only two credit cards available that offered interest free credit for ten months or more on purchases. However, this is said to have increased by around four hundred and fifty percent, with eleven cards now available that offer interest free credit on purchases for at least ten months.

Officials have said, however, that these cards could prove useful for those that use them properly, as they could provide more flexibility and convenience when it comes to repaying the balance without having to pay hefty interest fees. An official from the debt management firm said: “If used properly, the 0% purchase deals for extended months is still a viable option for many consumers. However, it is important to stay within your limits and pay off the difference by the final month, otherwise you could be in for an unpleasant surprise in the form of increased interest rates.”

Source - PRWeb

Many people these days have a high level of debt to deal with, and this is an issue that has got worse over the past couple of years with the recession and the global financial crisis taking their toll. Even though many of those that have debt worries are working the money simply isn’t sufficient in some cases to alleviate their debt problems.

In fact, for those that are working these debt worries can really take their toll, causing them to lose their focus whilst at work and resulting in both their work and the company for which they work suffering. One debt charity has now called on employers to provide support and information for workers that may be plagued by debt problems.

Figures from a variety of sources have shown that the level of enquiries relating to debt problems has increased over the past year, with many people struggling to manage their debts because of factors such as lower income due to a cut in working hours or because of pay freezes.

The Consumer Credit Counselling Service said that there were a number of things that employers could do to support employees, stating: ”The UK’s personal debt problem is likely to get far worse over the next year and employers are in an important position to help staff who have a debt problem.” The CCCS also said: ”Employers can help them by providing information on notice boards and in staff magazines.”

Source - Chrysalis Courses

Many people in the UK have huge levels of debt to deal with these days, and with the recession and the global credit crisis having wreaked havoc on the nation many people have built up a range of debt over the past couple of years alone. However, not all borrowers are being honest about their debt levels with family and loved ones according to a recent report.

The report claims that there is a hidden debt mountain in the UK consisting of the debts of those that are hiding the amount that they owe from their loved ones, and this could amount to as much as £55 billion in total. It is thought that one third of borrowers are hiding their debt from their families and loved ones, and many of these people are struggling to make ends meet because of their financial situations.

The average amount of debt in the UK is now thought to stand at ten thousand pounds per person, and this is something that is likely to cause financial hardship for many over the coming years. The situation could be made worse by expected increases in unemployment, which could see more people ending up having to declare themselves insolvent.

One consumer with personal debts in excess of thirty thousand pounds stated: “The huge amount of debt that I was in meant that I had to go into a debt management plan, but even now I haven’t told my family about it – they have no idea that I have all this debt, and if they did they would be mortified.”

Source - Financial Advice

For many people dealing with debt issues has become a big problem, and this is an issue that has become increasingly apparent during the recession and the credit crunch. Many people that have clocked up personal debt over recent years have no real knowledge on how to manage their debts and finances, but with so many people now struggling with so much debt this is something that consumers could now benefit from.

One leading debt charity in the UK has suggested that consumers improve their financial knowledge to help them to better manage their money and their debts. The Consumer Credit Counselling Service is now urging consumers to fill in the gaps in their knowledge when it comes to financial management, and this is something that can be done through the charity’s new online service, which is free, called Money Matters.

When consumers use money matters they are asked to answer some questions about their finances and their personal circumstances, and based on the answers that they provide Money Matters will compile a booklet that offers advice that is tailor made to the consumer’s situation. The advice is completely free, and will allow consumers to better deal with their finances and their debts.

An official from the Consumer Credit Counselling Service stated: “Managing your money efficiently is important for both short and long term happiness. During a recession, nobody can afford to ignore good money management which could even stave off a developing debt problem.”

Source - My Introducer

The level of personal debt in the UK has been causing concern for some years, but over the past couple of years worries over the personal debt mountain across the nation have been escalated. With the deep, long recession having had a serious effect on the finances of many people, coupled with the chaos that has been caused by the global financial crisis that hit us in 2007, many people have found themselves in serious hot water when it comes to their personal debts.

A recent report has claimed that the need for effective and improved financial services in the UK has now become more urgent than ever, with the rise in personal debt and the increase in the number of people needing help with their debt problems fuelling the need for better financial services. Over the past twelve months the level of personal debt amongst consumers in the UK is said to have increased by 0.8 percent according to figures released by the debt charity Credit Action recently.

A senior researcher from Liverpool John Moores University stated recently that there was a greater need than ever for the provision of “affordable, accessible and appropriate financial services” given the situation that many people were in now, and given the struggle many were facing to get assistance and help to deal with their debts.

He stated: “We have now had the recession and the financial crisis and many people are facing increasing financial difficulty. Access to available credit is … becoming more difficult - particularly for those on the lowest incomes. We have seen rises in mortgage arrears, rapid expansions in demand for debt advice, personal insolvencies are rising and so on.”

Source- Debt1

As many people know staying on in full time education as a university student can be very costly, and many student worry about getting into debt over the period that they are studying at university. However, many parents worry even more about their student children, and how getting into serious levels of debt whilst at university could impact upon their future.

A recent study has revealed, however, that parents may not need to be quite as worried as they are about their student children. The study indicated that students are actually far more switched on about debt and saving money these days, and most are determined to prioritise on minimising their debts and getting some savings put aside to help with their university education.

The study was carried out by the National Skills Academy for Financial Services, and showed that a rising number of students were committing to debt management and were trying to make saving money one of their priorities. The poll also showed that twenty eight percent of students were keen to learn more about saving money so that they could avoid having to get into debt over the course of their education.

An official from the NSAFS said that students were “much more switched on to their money issues than people think.” She added: “It’s very encouraging that students want to save for their future, and continue their studies. The challenge lies in how young people will plan and create a pool of funds to help them finance their immediate and long term futures, and assist their continuing education at university.”

Source - Debt Fixers

There is little doubt that many households and individuals have suffered financially over the past couple of years, with the global credit crunch wreaking havoc across the nation followed by the deepest, darkest recession in decades. Lack of finance, a flagging economy, and huge number of job losses have really taken their toll on the finances of many people, and this has had a deep impact on the finances of those that have personal debt to deal with.

The troubles facing those that are now struggling to make repayments on their personal debts has been reflected in the rise in the number of people that are turning to debt management plans in a bid to try and manage their debt repayments more effectively. According to a recent report a rising number of people have decided to try and get onto a debt management plan, and debt charities have been so inundated with enquiries from worried borrowers that they are running out of resources.

The report was put together by the Nielson-British Retail Consortium, and suggested that over the coming six months personal debt was the biggest concern for many consumers in the UK, followed by the state of the economy and the cost of utilities. Many people have been trying to cut back on their borrowing and focus on repayment of debt over recent months, but for many debts have spiralled out of control.

The number of people that are looking to get into debt management plans may increase further this year despite the country coming out of recession. Pay freezes and cuts are set to continue in the private sector, and this could further impact on the ability of many consumes to make repayments on their debts.

Source - Debt1