Britons are taking on record levels of mortgage and credit card debt, with figures released last year showing that UK personal debts far out weigh that of our European neighbours.
For those in need of help with financial problems then the Citizens Advice Bureau offer a great free service; they provide advice on a range of issues, including debt consolidation loans, secured loans and debt management. Recently they have reported a massive surge in the numbers of people seeking their assistance.
Debt can be a serious problem that if left unchecked can quite easily take over your life. If you don't act proactively then outstanding debt can spiral out of control.
There is no quick fix solution to magic away financial difficulties, but there are a number of options to consider that may help ease some of the burden. Please note that some of the ideas presented will only work for those with a fairly decent credit history and with debts that are not too severe.
Check Your Credit History
It's worth checking that your personal credit history information held by the credit agencies, Equifax, Experian and Call-credit is correct. Any inaccuracies could hamper your chances of being accepted for personal loans.
Reclaim your Bank and Credit Card Charges
In a rare occasion of social justice, it has been made possible to legally request back unfair bank charges. Hundreds of thousands of people have already been successful, so you might as well seize the opportunity and write to your bank. You might be entitled to bank charges going back six years.
Are you entitled to benefit?
A family with an income below ?66,000 might be entitled to some form of benefit. Check out entitledto.co.uk to see if you qualify.
Learn how to manage your money
Educate yourself on money management. Being able to balance your finances is essential if you are to succeed in escaping the perpetual cycle of debt.
