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Debt is as dirty a 'problem' as any other addiction. In the developed world with have an addiction to credit that like any other addition represents weakness and lack of control. Insurance giant AXA estimates that 24% of the British public hide their loans from their families. AXA concluded that this 'hidden' debt could be ?4,000 per person in denial bringing the total to ?50 billion. Hidden debt will add another 20% to the 'known' debt level of ?228 billion. Credit Action claims that a key factor fuelling our growing debt problem is lack of knowledge and awareness. The Supreme Court recently overturned a ruling regarding bank charges, meaning that the Office of Fair Trading can no longer investigate these charges, because the Supreme Court claims consumers know about the charges so they should deal with the consequences. ?2,627 is what the average home pays in interest each year. This means you are paying over two and a half thousand pounds more for your goods than what they are actually worth. If you can't afford to buy something outright, such as luxury, high-ticket items such as cars, holidays and houses, then at least make sure you can afford to pay off the monthly amount over a set time frame that is manageable and not unrealistic. Unless mitigating circumstances such as sudden and unexpected job loss, death of a spouse or similar occur, then most people get into debt because they believe it is not a problem and don't think about the consequences. On any given day, 386 people are declared bankrupt and 128 properties are repossessed. The recession has caused hard times for many people, but the recession was caused by too much of a good time without thinking of the consequences. Money.co.uk has found that whilst 31% of adults are worried about paying for Christmas, just 15% have made an effort to spread the costs over the course of the year. The rest, will fund the nations ?11 billion Christmas spree using credit cards, savings and 'money available at the time'. This just highlights our dependency on credit and lack of planning and awareness regarding savings. People get into debt fundamentally because money is too easy to come by.
Article Source: http://www.casinoarticlessite.com
Gilberte Aerts has recently been looking into services that provide debt advice and has made an individual voluntary arrangement with Blair Endersby.
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