Debt Managements and Consolidation: advised

Most people these days know what it feels like to be in at least some level of debt, and many people are now left coping with quite large levels of debt, which is proving difficult to cope with in the current climate. One leading debt charity has recently revealed that there are many younger and unemployed people in debt that are struggling with their finances these days, and if they do not seek advice they could find their financial situations getting progressively worse.

The Money Advice Trust has released figures showing that around 55,000 young, unemployed people now have debts that they cannot manage. The study was carried out over three years and showed that around one million young people aged between sixteen and twenty four are unemployed with around 5.5 percent of them having debts that they are struggling with.

Officials from the Money Advice Trust are now urging younger people that are struggling with their debts to make sure that they get advice about dealing with their debt, as otherwise they could find themselves in a position where their debts spiral completely out of control and their options become far more limited. There are a number of different charities that are able to offer advice to those that are struggling with their debts and could help younger people to avoid ongoing problems.

A Money Advice Trust official stated: “This is a desperately sad situation for so many young people to face. Dealing with debt can be a distressing experience which impacts right across our lives.”

A personal debt advisor added: “Getting into debt problems at such a young age will impact these people for many years to come. The implications are years with poor credit ratings and probems with getting onto the housing ladder.”

Tags: housing ladder, Money, ladder, young age, Advice Trust official, million young

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Posted in: advised,people,Younger

- Friday, 4 March 2011

Brits with financial issues have been advised to pay off their debt problems rather than saving as interest rates are low.

Such is the suggestion of Ed Bowsher, head of consumer finance at lovemoney.com, which is an everyday money site.

He said: "If you have a serious debt problem, I'd firmly advise you to pay down your debt rather than save.

"You'll get a poor return on your savings at the moment, so it makes more sense to pay down your debt. Then when interest rates rise, you'll be paying less interest because your debt is smaller."

Therefore, Brits worried about their finances may want to seek debt help sooner rather than later.

Mr Bowsher made these comments after moneysupermarket.com revealed on March 1st that five million Brits are permanently overdrawn.

It was found that one in ten people in the UK live in their overdraft and the price comparison sits stated that these consumers could save as much as £240 a year by switching current account.
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