Debt Help and Advice for the UK

At some time or another during our lives most of us will overspend and get into debt. Sometimes we can get our finances back on an even keel by cutting down on a few luxuries.

It's a fact that there is now much greater and easier access to credit than there ever has been before. What people often forget is that, once they use that credit, they have taken on a debt. British consumers now owe more than Ł1,004,290,000,000 on credit cards, mortgages and loans. Some 1,300 different credit cards are available compared with only one in 1971. The average credit card limit is Ł3,000 though some people have cards with limits of more than Ł10,000.

Paying off the full amount you owe on your credit card statement every month means you are staying out of debt. However, once you slip behind and start to leave something owing month after month, you are beginning to get into debt and taking the first steps that could lead to financial disaster.

Almost 12 million people in Britain have a mortgage. That is a loan to buy your own home or, in other words, a debt you owe. Of course few of us can do anything other than take on a mortgage if we want to own our own home and there is always the possibility of selling the property and repaying the money.

So having debts is not the problem. The problem is letting debts build up to a point where you can no longer keep up the repayments or taking on more debt than you can realistically afford in the first place.

Greg Penn
http://www.debtandyou.co.uk

MORE RESOURCES:

RELATED ARTICLES

Bankruptcy: What the New Law Means to You
On April 20 of this year, President Bush signed a bankruptcy reform law. When this law goes into effect in October of this year, it will be much more difficult for Americans to use Chapter 7 bankruptcy to get a fresh start on their financial lives.

The Road to Debt Relief
Living with debt is not something someone hopes for, but it happens and it usually becomes far more severe than it should before something is done to eliminate it. Once many individuals realize they have a problem with debt, they are too embarrassed to ask for help so they let themselves dive further into debt.

Debt Settlement : What You Need To Know
Debt Settlement companies work with your creditors to help you reduce your unsecured debts though arbitration and negations. The important thing to realize about Debt Settlement is that it is a different type of program than Consumer Credit Counseling or Debt Reduction.

Deal with All Your Debts with Care!
Lots of people take a large ammount of loans and suddenly they discovered that they're in debt and life seems pretty gloomy for them, in this situation please don't despair. Most people have been there and know just how easily it can creep up on us.

Questions to Ask a Credit Counseling Service about Debt Relief
Debt relief is a topic on a lot of consumers' minds these days, and with good reason. American credit card debt in 2001 was $692 billion, triple the amount from 1989.

Debt and Financial Optimism in the UK Continue
With Ł1.3 trillion pounds worth of debt in the UK, Scotland's Citizens Advice Bureau has welcomed a new Bill to regulate lenders and protect borrowers from creating un-repayable levels of personal debt.

Creating A Realistic Budget
Budgeting -- ooh, what a scary word! If you want to frighten someone whose finances are out of control, suggest that they tally up their expenses on a piece of paper. We all understand the value of such an exercise, but when it comes to the practicality of putting a budget together, we get cold feet.

Corporate Debt Management - Perspective on the Why
Entrepreneurs have a tough time in their formative years. They try too many things to get a foothold on this competitive business climate, and that too they try them too soon.

IVA Information
If you're thinking about an IVA, it is essential to get the best information possible. This is because although an IVA can be a manageable way to resolve your debt problems, it can also represent a commitment of up to five years.

Five Major Ways to Save Money
There are two main roads to improving your personal finances: increasing income, and cutting costs.Increasing income is the harder road to travel.

Debt Elimination Is The Key to Financial Freedom
If you want financial freedom, the first thing that you will need to do is to get rid of your debts. After all, as long as you owe money, you can't consider yourself to be financially free.

Credit Repair - Understanding The Basics
What is Credit?Credit means that you are using someone else's money to pay for things. It also means that you are making a promise to repay the money to the person or company that loaned you the money.

How to Negotiate Debt Settlement
People over extend themselves financially as a result of a change in their lifestyle. In today's economy were company mergers, and such; creates a displacement and hardship to the major of the workforce.

Going Bankrupt in the World
It all starts by defaulting on an obligation: Money owed to creditors or to suppliers is not paid on time, interest payments due on bank loans or on corporate bonds issued to the public are withheld. It may be a temporary problem - or a permanent one.

Solutions to Single Mothers in Debt
As a single mother, lets admit it, times get tough. You are fortunate enough to have your children that mean the world to you, but it doesn't come cheap.

Dont Let The Good Times Bury You
It is vital to get rid of debt while things are going well. Yet the opposite is usually the case.

Debt Elimination
If you're reading this article right now I'm sure that you are looking for a debt elimination system that will help you get out from under you personal mountain of debt. Hopefully you're not looking for the magic pill that will suddenly dissolve your debt problem.

Bouncing Back from a CCJ
Should you be unfortunate enough to face a CCJ - but subsequently succeed in having it either set aside or reversed - the court will automatically remove the entry from the Register of County Court Judgments.The court must send notification of cancellation to the Registry Trust within three days of the date of the order.

Is Independence Overrated?
Happy Independence Day from The Money Motivator!If you don't celebrate "The 4th of July" like we do in the United States, today still presents you with an awesome opportunity to examine your independence.Independence means the quality or state of being dependent.

Dont Drown Your Debts, Manage Them!
Are you among the millions of people who have found themselves unable to make even the minimum payments on credit cards and other unsecured debts? If so, there is relief in sight. It is no longer necessary to keep paying constantly but never really make any progress towards reducing or eliminating your debts.