Debt problems

If you’re experiencing debt problems you’re not alone. The UK debt help market has never been busier, as a massive percentage of the nation’s consumers struggle to cope with their finances.

Fortunately, because there are such huge debt problems in Britain, there are also a number of solutions that can help get you out of trouble.

The first thing to realise is that the level of debt you have will dictate which solutions are going to be of any real benefit. For example, if you have massive mortgage repayments you can’t possibly meet on top of credit card debts and other sources of finance, saving a few pounds on interest isn’t going to get you back into the black.

Conversely, if you only have minor debts of a few thousand pounds then you’re not going to have to consider bankruptcy any time soon. Either way, it’s important to assess your situation so you can quickly get the debt help you need.

However serious your debt problems are you need to be proactive in sorting them out. Sitting at home worrying isn’t going to fix anything and neither will denial. If you have serious debt problems then you have to take decisive action.

We provide useful debt help solutions in the form of advice, market news and anything else we think might help get you out of the red and looking at a brighter future.

 

Elderly fail to seek out cheaper financial deals

Research from Alliance & Leicester has found that 98% of people over the age of 50 in the UK have been affected by rising bills, but only half have actively looked for cheaper deals.

Pension contributions suffer from debt problems

New figures from Prudential show that many UK consumers are reducing their monthly pension contributions as the credit crunch, combined with debt problems

Added debt from PPI slammed by Which?

Consumers group Which?

Credit unions could be the answer to debt problems

Joining a credit union could well be the fastest way to reduce your debts and improve your financial outlook according to ABCUL, the trade association.

Debt problems and the credit crunch concern women most

New research from Bupa has found that increased debt and the credit crunch are problems that bother women more than men.

0% balance transfer deals disappear

Consumers looking to reduce their credit card debt are set to find it a much tougher task as the leading providers continue to withdraw their 0% balance transfer off

Consumers hungry for further rate cuts

Research from Fool.co.uk has found that the majority of UK consumers are hoping for further cuts in the Bank of England base rate to help them reduce outgoings and ease

Debt lies still a massive problem

New research from AXA has found that the number of consumers lying to their partners about their debt problems is increasing.

Debt help from the LITRG

The Low Incomes Tax Reform Group (LITRG) have released a new online guide to help people manage their finances better and avoid debt during the current economic downturn.

Savers hit hard by base rate cut

People will savings accounts are set to be hit hard after the Bank of England's decision to cut the base rate of interest by a huge 1.5%.

November debt statistics from Credit Action

The latest figures from Credit Action on the UK's debt problems makes grim reading as always for people all over the nation.

Bills go unpaid as debt problems grow

Debt problems caused by the credit crunch and the increased cost of energy has seen more people miss paying their bills each month.

Disposable incomde vanishes under cloud of debt

The amount of disposable income the average UK consumer has to spend has dropped by 30% over the last two years according to research from Abbey.

Debt inevitable over Christmas period

Fool.co.uk believe many people will have little choice but to get into increased debt problems over Christmas, as the majority of consumers haven't been able to put money aside.

Credit card rejection won't affect debt problems

The Consumer Credit Counselling Service (CCCS) have told consumers that if they're rejected when applying for a credit card or any other form of finance, it won't affect their credit rating

Young drivers getting into unnecessary debt

Young motorists in the UK are adding to their debt problems by trying to get insured on cars with bigger engines.

PAYG more popular during credit crunch

A new survey from Family Mobile has found that more people than ever would be interested in switching from their contract to a pay as you go scheme, in order to reduce debt during t

Avoid debt by saving for next Christmas

Skipton Building Society believe consumers can significantly reduce debt problems by saving for Christmas a year in advance.

Credit reports not always accurate

A study from Which? has found that some credit reports aren't completely accurate and contain mistakes.

Students advised to prioritise debts

A report in the Guardian newspaper has advised students struggling with debt problems to prioritise which arrears should be paid off first.

Nationwide to offer debt help advice

Nationwide have teamed up with Citizens Advice to offer debt help advice to consumers who are struggling with their finances during the credit crunch.

CCCS praise consumer debt control

The Consumer Credit Counselling Service have praised UK consumers for handling their money better as debt problems become more widespread.

Debt forces many into unfair loans

The Daily Record has warned consumers in Scotland and the rest of the UK to avoid loan sharks, no matter how bad their debt problems have become.

Packed lunches could add to debt problems

UK consumers trying to save money by taking a packed lunch to work could end up adding to their debt problems, according to mySupermarket.

Credit crunch hailed by finance expert

Alvin Hall, the financial expert who often appears on television believes the credit crunch is a good thing because it has made people  wake up to their debt

Friend debt an increasing problem

An estimated 20 million people in the UK have leant money to their friends and family at some point, with only half of them getting the debt repaid.

Personal bankruptcy advice from Thrifty Scot

With more people than ever in the UK facing serious financial problems and having to consider declaring personal bankruptcy, the Thrifty Scot have publi

Greenest cars to beat debt problems

Consumer watchdog Which?

Unemployment insurance can reduce debt

MoneySupermarket are urging people in the UK to invest in insurance policies that cover them in the event that they lose their jobs.

Age Concern fears debt problems in later years

Research from Age Concern has found that more people than ever are neglecting saving for their retirement, as they struggle to cope with debt problems in the immediate.