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Are You a Candidate for Debt Consolidation?
Debt consolidation is a means of debt relief. It allows the borrower to take out a loan which is then used to pay off debt from other loans as well as from credit cards. These products are often necessary in that they provide the ability for you...
Credit Cards Debt Consolidation
Consolidating credit card debt is never easy. Too often people run up their debts without even realizing it until it is too late. If you are one of these people, don't feel bad or trapped, or that there is something wrong with you. Credit cards are...
Debt Free: Sound Like a Far-Off Dream?
What is it you wanted to get from being debt free? Peace?
Being debt free is truly possible. The hard part is changing our habits. There are many agencies, courses and books available both online and locally to help you to reach your goal of...
Settle your debts the easy way
The process of contacting creditors directly or through a third party and negotiating for a lump sum payoff of your debts is known as debt settlement .
Benefits of debt settlement
* You can reduce your principal debt amount by around 40%...
Shorn Of The Debt Responsibility
With UK personal debt spiralling out of control beyond the £1 trillion mark at a rate of £1m every four minutes, and the number of declarations of bankruptcy on the increase, the Government has finally implemented measures to ensure lenders know the...
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The Growing Debt Problem for under 25's in the UK
Not at any time since the last major economic recession of the
1990's have so many people in the UK suffered so much with debt
problems. Although the principal underlying economic factors
look good on the surface, a closer inspection of the statistics
reveals a structural debt problem in the UK, manifested by the
total amount of personal debt exceeding the trillion pound mark
in July 2004.
Previous cycles of economic decline have seen a combination of
high interest rates and unemployment; affecting mortgage holders
especially. This time around, however, 18 to 25 year olds are
reporting difficulties with repaying their credit card debts and
other personal loans.
According to the UK charity, the Consumer Credit Counselling
Service (CCCS), there has been a rapid rise in the percentage of
18 to 25 year olds reporting with debt liability problems,
doubling from 6% to 13% since 2002. The CCCS reported that the
average amount of money owed by under-25's who contacted them
has gone up from £ 12,000 to £ 15,000 in the last 2 years; an
increase of nearly 25%.
The CCCS argue that there is a generation growing up in the UK,
who have been exposed to a combination of consumer pressure and
easy credit. The
young have become "desensitised" to debt and
are borrowing money to purchase non-essential items. Student
loans have meant that large bank overdrafts and credit limits
have become the norm for many young people. Also many of the
younger generation need to borrow large amounts to buy a home,
for example, and usually have no savings or assets to fall back
onto when they run into mortgage arrears.
Indeed the CCCS are telling more young people to take bankruptcy
as an option to solve their debt problems, many of these
graduates, and still in their 20's.
It's too soon to say whether the growth in the number of 18 to
25 year olds facing debt problems is a real phenomena, or part
of a general problem that is affecting the UK, but credit
agencies are becoming increasingly concerned.
About the author:
Debtsolver is a UK company providing resources and information
on Debt
Management UK, Debt
Consolidation UK, Debt
Problems UK and IVA & Debt
Advice
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