August 6, 2009
Secured And Unsecured Debt Still Growing
The debt problems faced by millions of Brits are still growing – if you want to be rid of your unsecured debt and reduce your secured borrowings then the time to act is now.
Debt charity Credit Action has found that the total UK personal debt at the end of June 2009 stood at £1.45 trillion. And while this has slowed by 1.2% in the last 12 months, debt levels are still at unsustainable levels.
Total secured lending on dwellings at the end of June 2009 stood at £1.22 trillion, which means hundreds of billions of pounds are still owed on credit cards, store cards and personal loans – in fact consumer credit lending grew by £100m in June alone.
Without mortgages, the average British household debt is around £9,240, and this figure increases to £21,480 if the average is based on the number of households who actually have some form of unsecured loan.
This has to be reduced. If you think your debts are getting too much then you need to act now. Talk to a mortgage adviser about turning your unsafe unsecured debt into some form of secured debt. You may want to be debt free, but it takes time to pay off and by turning it into secured finance then you will have more time and space to begin paying off your debts.
The time to act is now – Credit Action says every 10 minutes someone is repossessed, and one person every 4.35 minutes is declared bankrupt or insolvent. This isn’t surprising when you see that £182m is paid in interest in UK daily. So act now before it’s too late and get off the debt pile. With some professional help you can begin creating a debt-free future for yourself.
SOURCE: Credit Action, 31/07/09
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