Debt consolidation could make repayments more manageable
Debt consolidation could make repayments more manageable
Wednesday 9th September 2009
People struggling with loan repayments could find consolidating their debts makes the repayment process much more manageable.
Despite the fact that lending to individuals fell by £600 million in the month of July, the recession continues to pose a problem to those people trying to get themselves out of the red.
Frances Walker, a spokesperson for the Consumer Credit Counselling Service, said: "It is good news that people are repaying their debt but the problem we are finding is that people, who are over indebted, are having more difficulty paying their debt back.
"People's debt problems are more complicated now than they were a few years ago because they often have mortgage arrears and have experienced a drop in income."
The Citizens Advice Bureau recently reported that the number of people seeking debt advice had risen by about a third over the past 12 months.
It estimated that about six million calls related to either monetary or employment issues.
People who are struggling to address their arrears as a result of unemployment or decreased income could consider speaking to a professional debt consolidation advisor in order to implement a plan to solve the issue.
A recent report from the Trades Union Congress revealed that it has been people on lower wages that have been most significantly hit by the recession.
News article brought to you by Debt1 – The debt consolidation company
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