Borrowers in debt 'must face up to problem'
Borrowers in debt 'must face up to problem'
Monday 27th October 2008
In its list of ten ways to manage debt, the Times newspaper advised people to contact their lenders and seek to negotiate a new and affordable payment plan.
"Lenders and courts will be more sympathetic and lenient if your good intentions are clear," the article noted.
Britons with debt problems should also prioritise debts which could potentially threaten their home ownership, such as energy bills, mortgage payments and council tax arrears, writer David Budworth said.
The advice comes after the latest figures released by Credit Action show that the average UK household has debts of £59,350, including mortgages.
Drawing up a budget, seeking free financial advice and paying more than the minimum repayment balances on credit cards were additional debt management tips cited in the article.
A survey by the Legal Services Research Centre, reported by the Daily Telegraph, has found that about 130,000 Britons have visited their GP because of stress-related illnesses brought about by debt concerns.
News article brought to you by Debt 1 – For Debt Help and Advice.
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