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The average amount owed by every UK adult is £30,266 including mortgages, according to the debt charity Credit Action. That’s an incredible 133% of average earnings.
Even if you ignore mortgage debt, we still owe an average of £4,708 through credit cards, motor and retail deals, overdrafts and unsecured personal loans.
So we may all have an opinion on how the government should fix the country’s gaping chasm of debt, but it’s important for individuals to get on top of their personal borrowing too. So how do you go about it?
Face the facts
Do you know how much debt you have? This isn’t as flippant as it sounds; many of us hopelessly underestimate the amount of money we owe.
Begin budgeting
Whether you just want to rein in your spending or you’re tackling a mountain of debt, getting a clearer idea of your day-to-day costs is essential.
Avoid living from pay cheque to pay cheque and instead set out an amount you’re allowed to spend each week, then stick to it.
Pay the priorities
Hopefully your debt levels are manageable and you’ll be able to cut back on some unnecessary spending and repay it all quickly.
If you’re struggling to meet all your repayments, though, you’ll need to work out which are the priority debts.
Some debts are more important than others, namely the ones that could cause you to lose your home, have your energy or water disconnected or even go to prison.
Sort some savings
Are you spending more than you need to on household bills? By using a comparison site, the average car insurance customer can save £180 a year, while you could save as much as £325 a year through switching energy providers.
Cut credit costs
If your credit score is reasonably good (and it’s worth getting hold of a copy of your file to see exactly what it contains), then you could potentially move lenders and find a better rate of interest.
Don’t despair
Whatever your circumstances, it’s never too late to take action, so don’t despair.
January 19, 2010 at 11:21 am | personal loan | No comment
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Iceland’s Economic Crisis
Iceland will hold a referendum on whether to repay Britain and the Netherlands for the billions of dollars in loans they made to cover Iceland’s bank losses, the country’s government said Tuesday.
Iceland’s parliament passed a bill last week authorizing a state guarantee for repayment of the loans, which allowed Iceland to repay minimum deposit guarantees to investors in Icelandic banks.
January 11, 2010 at 8:20 am | personal loan | No comment
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Mortgages 1, Unsecured Loans, 0
The number of people in the UK taking out mortgages to buy a home rose again in November but the appetite for other loans and overdrafts continued to fall.
The Bank of England figures show that mortgage approvals stood at the highest level since March 2008.
There were 60,518 mortgages approved for house purchases in November, up from 57,718 the previous month.
But consumers continued to pay back unsecured loans, with consumer credit falling for the fifth month in a row.
Although credit card lending rose slightly in November, the lack of popularity of other loans and overdrafts meant that people paid back £376m more than they borrowed during the month.
January 8, 2010 at 1:32 am | personal loan, Unsecured Loans | No comment
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Personal Loans – Popular for the First Time in a Long Time!
People moan about expensive personal loans, pointing out that the gap between Bank Base Rate at 0.5% and the best loan rates at around 8% gives banks a record profit margin. But historically, loan rates are quite reasonable and are now only marginally above what they were two years ago when BBR stood at 5.5%
If you’ve overspent on your credit card this Christmas – this might be the best time to think about consolidating that debt.
January 6, 2010 at 1:25 am | personal loan | No comment
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Empty Pockets?
Unexpected financial expenditures can arise anytime. Consequently, the biggest problem that you can suffer is not being able to handle them on time. Sometimes you can deal with such expenses when you have enough cash available. However, there is always the situation that due to some previous default payments or having filed in for a bankruptcy, you are unable to get immediate financial assistance from banks and other related sources. So what is another alternative for you to use? Using the services of lenders that provide fast cash personal loans is your best choice.
December 21, 2009 at 2:46 pm | personal loan | No comment
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