subject: Not Sure Where To Turn For Debt Relief? [print this page] Not Sure Where To Turn For Debt Relief? Not Sure Where To Turn For Debt Relief?
With the increasing pressure on families to make ends meet, spiralling costs of everyday essentials such as food, fuel and utilities mean that the pinch is being felt more than ever before. The constant rise of inflation means that an interest rate rise is also on the cards, meaning even more stress for families who are already struggling to get by. Part of the reason for many people's tight financial situation is the prolific rate of credit card, store card, overdraft and hire purchase agreements that were readily accepted by banks and other financial institutions during the last decade. This saw people living beyond their means but with the economy appearing to thrive, equity in property rising as the value of homes did likewise this debt was manageable. Now with unemployment on the up, salaries in decline, pay increases frozen and monthly expenses increased across the board made worse by the VAT increase families are finding that they have a lot of small to medium sized debt and repayments spread across an expensive list of monthly repayments and many are falling behind. This has caused payments to be missed and defaults served leading to bad credit ratings. This in turn means that people in this situation feel there is no way to consolidate their debt by getting one loan to pay off all of their smaller debts with one smaller monthly payment. Happily this is not always the case as there are many financial companies out there happy to consider people with a wide range of financial difficulties and bad credit history for a loan. This is most pertinent for credit card debt where there is no definite end to the payments unless you can afford to settle the balance in full. A debt consolidation loan will end this circle of interest payments and never ending debt and you can find yourself easily accepted for a debt consolidation loan even with adverse credit history, CCJs or defaults, it's just a matter of knowing where to look.
