23 Million Brits Have Unsecured Debtposted on 10 November 2011 | posted in General Category | ( 0 ) CommentsAdvisors at Integrity Financial Services have warned of the pending debt crisis that is set to hit UK homes in the coming months and year. Twenty three million (52% of Britons over eighteen) have unsecured debt, beyond their mortgage. Even more shocking is that though 90% of those in debt believe they will be able to pay back their debts themselves, almost one million won’t be able to do so, and will seek a solution either through a debt management plan / Individual Voluntary Arrangement, bankruptcy order a debt relief order, or through other means. In spite of this, almost half (46%) of people are not worried about their debt at all, believing it will ‘all work out in the end’. It has been estimated that 6.2 Million households currently have large abd very real financial difficulty, with many starting to struggle with mounting debt and income issues. In real time on the ground the figures could be as much as 8.5 Million, and if you put that into perspective this would mean the approximate population of Greater London is in trouble. On a daily basis personal debt levels are starting to rise sharply, with reports of a further 3.2 Million people saying that they are in a debt solution and facing insolvency. Most of these people also admit that they have at least 3 months arrears on debt repayments. However advisors at Integrity suggest that this figure could actually be around the 5 Million mark, as this would reflect what is actually happening on the ground in real time and not what has happened in past months which debt charities refer to constantly. The most vunerable may be the households with less than £14,000 annual income, people with no savings and people with mortgages. With interest rates set to rise, this is the one thing that debt professionals worry about the most. Advisors at Integrity commented: "When interest rates rise we will see an explosion of homeowners start to struggle and fall into big debt problems. Add to this other factors such as the uncertainty over jobs, redundancy and the rise in the cost of living, then the UK face's a massive debt storm. People are being pushed over the edge into serious financial difficulty everyday." Integrity urge people with financial difficulty to contact them for professional help and advice, and not to bury their heads in the sand until it's too late. Contact us now on 01743 272900 Share this blog entry:
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