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 £1,004,290,000,000 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 £3,000 though some people have cards with limits of more than £10,000.

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

---

IVA Advice

An IVA (individual voluntary arrangement) is an alternative to bankruptcy... Read More

Whatever You Do....Dont Save Money!

No, that's not a misprint. Even though falling interest rates... Read More

How to Become Debt Free

In today's consumer society it is all too easy to... Read More

Why You Should Get Out of Debt Today?

The main reason for getting out of debt today, is... Read More

British Families and Debt

There is current concern from the Bank of England that... Read More

Future Secured? Oh Really?

A headline for a retirement annuities flyer declares "Future Secured!"... Read More

How To Pay Credit Card Debt Off

If you are determined to pay credit card debt off... Read More

Bankruptcy - The New Scarlet Letter

Nathaniel Hawthorne's book The Scarlet Letter states in Chapter 2,... Read More

Debt Relief with this Simple Formula

Is there a way to get out of debt without... Read More

Budgeting and Debt Management

Debt management (specifically unsecured) is the first step to taking... Read More

Bankruptcy: What the New Law Means to You

On April 20 of this year, President Bush signed a... Read More

Mr. Cheapies Frugal Budget Tips

So you feel like a hamster spinning your wheel? The... Read More

Do It Yourself Debt Relief

With mounting bills and unforeseen hardships, you may be considering... Read More

Eliminate Your Credit Card Debt, But How?

Can a debt consolidation loan eliminate your credit card debt?... Read More

5 Options Toward Debt Relief

If you are in debt, well over your head in... Read More

How To Avoid Medical Collections

With medical collections costing doctors millions upon millions of dollars... Read More

Debt and Your Dreams

You may not realize what that credit card bill is... Read More

The Human Side - Debt Stress

In all the technical discussion you hear about credit... Read More

Utah, the Nation?s Bankruptcy Capital

Congress recently passed the Bankruptcy Abuse Prevention and Consumer Protection... Read More

Bad Credit Home Loan To Get You Out Of Debt

A "bad credit home loan" can help you climb your... Read More

Slowing Spending - The Key To Your Debt Plans Success

Anyone who embarks on a debt reduction program should know... Read More

Stop Debt Collectors

Can you stop debt collectors ? . . .You better... Read More

What is Debt Settlement?

Debt settlement is the process of negotiating with your creditors... Read More

Credit Card Debt & the Unfairness of the Universal Default Clause

Let's look at a real world example: A woman purchased... Read More

Top Ten Reasons People File for Bankruptcy

1. Eliminate the legal obligation to pay many of your... Read More

Debt Free and Carefree

Are you still clearing a mountain of debt amassed last... Read More

Questions to Ask a Credit Counseling Service about Debt Relief

Debt relief is a topic on a lot of consumers'... Read More

What Are The Benefits and Consequences Of Getting Rid Of Debt The Easy Way

We have all experienced getting so far in debt we... Read More

Is There A Way Out Of Your Debt Problems?

Do you have multiple debts? Do you have just one... Read More

Bankruptcy 101

Bankruptcy still remains a mystery in the eyes of many... Read More

Debt: Dont Pay Your Minimum Balance

Almost all Americans carry credit card debt. Actually, over 40%... Read More

5 Methods Toward Reducing Your Debt

Decreasing your debt is paramount to having a good credit... Read More

A Debt Elimination Process Must Be Initiated From You.

The first and maybe most important step in a debt... Read More