By John A Holland
Being in debt is never a pleasant situation to be in but realistically, according to official statistics published by the Credit Action organisation, the total amount of personal debt at the end of January 2010 stood at £1,463bn, a growth of 0.8 per cent from January 2009. Every UK adult reportedly owes an average of £30,306 including mortgages.
This is a rather shocking statistic but brings home the fact that many people suffer from money woes. There is however, help available.
Among Individual Voluntary Arrangements, DRO and DMP, one of the easiest and more straight forward ways to start taking steps towards becoming debt free is debt consolidation. Debt consolidation allows an indebted individual to combine all of their debts into one single balance.
It's easy to accumulate debt on multiple credit cards and catalogues, but no not so easy to pay these balances off when they fall due. The beauty of debt consolidation is that these balances can all be combined so that debt becomes more manageable. Only one payment will be required on a regular monthly basis.
Debt consolidation is a debt management solution that allows individuals to keep track of their finances which is why it is a popular choice with those facing multiple debts. It not only makes paying debts back much easier, but it could also save you money.
Consolidating debts into a single balance could allow an indebted individual to find an interest rate that is better on that single balance than all the interest rates on a number of other balances.
If you have unsecured or secured debts, you can take out a debt consolidation loan. It is used to pay off all your individual debts and then needs to be paid back with minimum monthly repayments over a certain period of time. This can allow you to keep track of your finances and you'll know what needs paying and when.
To find out more about debt consolidation and how you could get back on track to becoming debt free, visit Debt Release Direct.
Article Source: http://EzineArticles.com/?expert=John_A_Holland
ไม่มีความคิดเห็น:
แสดงความคิดเห็น