Personal Debt Set To Reach Record Levels By 2015...posted on 6 December 2011 | posted in General Category | ( 0 ) CommentsHousehold family personal debt is expected to be in 2015-16, £106,418 per household. This will see record levels of debts in the UK with more and more people seeking personal insolvency. Bankruptcy is set to be the new trend from 2012 onwards as people seek to solve their debt quickly and without huge costs. Insolvency figures may have shown a drop in the number of people seeking personal insolvency but these figures are set to rise dramatically with advisors on the ground seeing the affect first hand. Here's a simple test everyone should do: A simple test is to not use your credit cards for a whole month, make the minimum payments on them, after you have paid all your other fixed costs such as mortgage, Council tax, utility bills, loans etc etc and then see if you can get through the month by just using the cash left from your wages. If you can get through the month without dipping into your credit cards then your finances are probably sound, however if you run out of cash part way through the month and have to use your cards for everyday expenses such as food and petrol then you need to take a long close look at your finances. Start by completing a simple household income and expenditure form [excluding unsecured debt repayments] and if the money left over each month is not enough to cover your minimum contractual payments on your unsecured debt repayments then you really need to take action sooner rather than later. It is a simple as that... Darren Perks advisor at Integrity commented: "It is plain and simple in your face reality. People now cannot manage to keep up with price rises and it will be home owners that get hit the hardest when interest rates start to rise later this year. The government now has to step in and control what is happening. If they don't this country is facing a very bleak future. People cannot ignore the fact they are struggling, now is the time to get professional debt help with the right advice." He also commented on recent reports of bad advice in the debt industry: "People have to be aware that free debt advice from charities may not be what it seems. On a daily basis we are hearing more and more reports of people being advised on the wrong things especially when it involves property and debt. This has also been the case with some debt management companies and is now a common trend. My advice would be to seek professional help and advice if you are un-sure. There is more than one debt solution available in the UK right now, and people have to be advised on all of them and they must be free to choose which one suits them best. People need to be well aware of companies that mis-sell to them and charge high fee's and make money with no regard for the person in debt's situtation or well being." If you have any concerns about debt and need advice with professional help thats fair and totally impartial, then call Integrity now on 01743 272900 (Author: Darren Perks) Share this blog entry:
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