Category: Debts

Rising Debt Levels Prompt Some to Ask: Are We Headed for Financial Ruin?

The global financial crisis continues to fade from recent memory, as years separate us from the unprecedented downturn. Recovery hasn’t been a straight-line prospect, but gains have been made in many important areas. For starters, financial watchdogs and government agencies have changed how business is done within the banking and mortgage industries. And some consumers have made strides, finding firmer financial ground. Unfortunately, despite adjustments to monetary policy and better employment figures, a significant number of UK residents appear to be struggling with personal debt. Recent research shows alarming financial trends, in many individual cases, pointing to rising levels of personal debt. And since runaway consumer debt played a large… read more >>

Interest-Only Payments Leave Debt on the Books

The more you earn, the more financing and investment options are available to you – provided you’ve a solid credit rating backing your income. With resources available for payback and a history of making good on debts, you are well-positioned for loan approval and mortgage refinancing. On the other hand, if you live from paycheck to paycheck, eking out each month’s obligations by a sliver, creditors may find you a risky proposition. Unfortunately, a trend gripping consumers relates to tougher lending laws and home financing. You see, for many paying on outstanding debt balances, interest-only payments are becoming the norm. And without opportunities to refinance the debt to more manageable… read more >>

Getting on the Road to Freedom from Debt

The level of personal debt in the UK is staggering, and projected to get even higher in the coming years. As of September 2015, total personal debt had reached £1.452 trillion, and the Office for Budget Responsibility projects that by 2021, it will reach a stratospheric £2.551 trillion. Ask any personal finance expert about the best way to take control of your personal finances, and most of them will advise that if you have any debt, your first priority should be to pay it down and get completely out of debt as soon as possible. Like so much good advice, however, this is much easier said than done. Stop Digging… read more >>

Is Debt Consolidation a Good Idea For You?

As unsecured personal indebtedness continues its rise to historic levels, many citizens of the UK are looking at consolidating their various debts in order to lower their monthly payments on the debt. For some, this might be a prudent exercise. For others, however, rolling numerous debts into one loan or placing them on a credit card could be yet another step toward financial disaster. The trick is determining which is the case in your individual circumstances. When to consider consolidating your debts To be blunt, the time to begin weighing your options is when the longest list of available options remains. Start by creating a complete list of what you… read more >>

Method for Repaying Outstanding Debts

When you are facing a mountain of debt, you may have no idea where to start making payments. The large sums are intimidating when you only have so much income to work with. Once you start adding in the various interest rates attached to each debt, it quickly becomes unclear which debts should be tackled first. You need to choose which debts to make a priority, but cannot decide which should be repaid immediately and which can slide by on minimum payments until more money is made available. You need a debt repayment plan to determine which of your debts should come first. While there are many debt advice companies… read more >>