Credit Crunch Increases Need for Debt Help

As the effects of the credit crunch continue, there has been an increase in the number of people who are asking for debt help. According to research by MoneyExpert, more than one in eight people of us has asked for debt help as our finances get further out of control.

The research shows that 30% of UK adults are concerned that they will not be able to repay their credit card debt, secured loan, store card debt or meet mortgage payments.

Sean Gardner, director of MoneyExpert.com, commented: “The banks are reporting growing levels of bad debts as customers fall behind on repayments.” However, not all of those who need debt help are actively seeking it, as more than half of those who are very concerned about their debt problems have yet to seek debt help.

Does the Credit Crunch Mean You Need Debt Help?

Dealing with debt can be a very stressful time; making multiple creditor payments to your unsecured debt as well as keeping on top of your mortgage payments may prove impossible if your income is already stretched.

One Advice could be able to help you reduce payments to your unsecured creditors in the form of a debt management plan. This plan will leave you with just one monthly lower payment to make. As the payment will be based on what you can afford, you should find it easier to meet your priority debts, such as mortgage payment. Please contact us today for further information by filling in the Quick Enquiry Form in the right hand column of this page.