Published in on Wednesday, March 11 2009 0 Comments

You may have noticed how difficult it has become to secure a loan since the credit crunch began last year. Mainstream lenders have been forced to cut back on their services and only those individuals who have perfect credit records are being considered (and most of them will end up unsuccessful). This growing trend has encouraged individuals who are desperate to borrow money to get out of debt to look elsewhere and, unfortunately, all too many have found a lender who is happy to be a substitute for the banks at this time of economic doom and gloom.

Published in on Tuesday, March 10 2009 0 Comments

As the Bank of England has fixed the base rate at 0.5%, mortgage interest rates have reached new lows.

Published in on Monday, March 09 2009 0 Comments

If you – like literally millions of other people – find yourself in financial trouble, there are a number of options available to you. Amongst these options, if your debts really are insurmountable, is bankruptcy. And sometimes, declaring bankruptcy is the only realistic way out for people whose debts have reached truly hopeless levels.

Published in on Sunday, March 08 2009 0 Comments

The importance of seeking advice from an experienced debt management company simply cannot be underestimated.

Published in on Saturday, March 07 2009 0 Comments

New figures released by the Citizens Advice Bureau have revealed the extent of the personal debt problem currently affecting individuals living in the UK. The level of personal debt has risen to almost £20,000 per person as the culture of people deciding to borrow more money than they can actually afford continues to spread. Worryingly, the Citizens Advice Bureau also revealed that many individuals who have received personalised financial advice are still trying to cope with secured loans and mortgage arrears. The problem seems to have increased in severity during the last few years and officials at the Citizens Advice Bureau are becoming anxious as to when the situation is going to come under control.

Published in on Friday, March 06 2009 0 Comments

With the Bank of England cutting interest rates to their lowest ever level – there’s never been a better time to try and get a new mortgage.

Published in on Thursday, March 05 2009 0 Comments

Managing your money has rarely been more necessary or more difficult than in the current economic climate.

Published in on Wednesday, March 04 2009 0 Comments

It’s almost impossible these days to watch your favourite television programme whilst avoiding a seemingly impressive advert from a debt company explaining how they can save us from the vicious circle of debt. The company often uses manipulative techniques which make us believe there is no alternative to employing their services. They make the process of escaping debt sound easy, effortless, and not too expensive! The reality for those unlucky individuals who choose to contact many of these companies is that excessive fees (used to cover the costs of those impressive television adverts broadcast during prime time programmes) are charged at will and the victims who end up paying out far more than necessary are usually the most vulnerable members of society. When you’re stuck in a tricky financial situation, it can be all too easy to succumb to the companies which seem to be offering a quick and easy solution.

Published in on Tuesday, March 03 2009 0 Comments

In the struggle to overcome your debt problems, you may be tempted to take personal responsibility for creating a debt management plan, rather than approaching a professional company to help you with your financial issues. This choice may seem like the best one at a time when you are attempting to take full control of your finances but several potential pitfalls can lead to unnecessary anxiety. As well as being incredibly frustrating, the process of DIY debt management can prove to be a waste of your time. You should be prepared to spend hours on the phone, explaining your situation over and over again to numerous creditors and finding the same issues arising each time. When you’re trying to escape a tricky financial situation, spending precious time performing this task is the last thing you need to be doing.

Published in on Monday, March 02 2009 0 Comments

In short, yes. However saving is a bad idea if you have debts. People are often tempted by the temptation to save if they have extra money but it isn’t necessarily a good idea if you have more pressing financial demands.