UK families face “personal debt dilemma” as credit commitments hit record high, but there is a great new online solution!
Statistics show that the average debt per family (excluding mortgage debt) has reached a staggering £15,3851!
As a share of household income/expense, unsecured debt now represents almost one third (30%) and is widely recognised as being at its highest recorded level in history1. To put that into perspective, personal debt is now almost twice what is was preceding the 2008 economic crash.
Experts claim that the slow growth of UK wages has fuelled the problem, coupled primarily with a greater demand/dependence on credit ranging from Credit Cards, Overdrafts and Personal/Short-Term Loans. This is of considerable concern for regulators who are demanding more stringent affordability standards for borrowers.
“A significant number of people qualify for debt help through the use of a piece of existing legislation.”
As a means to curb the trend, many high street lenders restricted borrowing and the general supply of credit during the first quarter of 2018 by a margin greater than any other recorded since records began in 2007. This is said to be partly due to an increase in zero-hour contracts which do not offer the stability of guaranteed work hours, and partly due to the minimum wage being out of kilter with the cost of living.
Records show that average household debts in 1998 were just short of £5500, and at current levels of £15,400 represent an almost 200% increase in just 20 years!
So where will it end? And what can be done to break the cycle? Thankfully, there is a highly effective solution for those people looking to put an end to personal debt.
In the late 80’s, a piece of legistlation which allows UK residents burdened with unsecured debts of £6000 or more to completely write off a proportion of their debts, legally and without having to go bankrupt was introduced.
This solution has been used by almost 50,0002 people per year for the last 10 years2, but is available to considerably more.
People interested in finding out if they qualify can take advantage of an incredible new service which allows those struggling with their finances, to find out in principle if they qualify to write off a proportion of their debt.
To find out if you qualify to completely write off a proportion of your debts (customers write off up to 67% on average!), simply select your age below.
SELECT YOUR AGE AND GENDER TO START YOUR FREE DEBT ASSESSMENT TEST.