12th June '08 - Worries Rise on the Back of Surging Debt
Whether it leads to surge in the numbers of people seeking consolidation loans is still open to debate, but MoneyExpert.com and CreditExpert.co.uk both agree that there has been a increase in the number of people worrying about rises in their levels of personal debt.
With newspaper headlines declaring alarm at the growing cost of living more and more common, it is a reality reflected in life for many consumers. For example, just in the last financial quarter, many of the UK’s 13.1 million debtors have been forced to borrow more money just to keep meeting the cost of bills.
The director of MoneyExpert.com commented, “With close to forty per cent of those who owe money worried about their ability to stay on top of their debts, these latest figures add up to a collective cry for help as Britain's enormous debt mountain looms larger than ever.
"Anyone with genuine concerns about paying the bills needs to take action to avoid finding themselves in even more difficulty.”
He added that taking out a consolidation loan remained one of many options open to affected consumers, saying, There are many ways to get your finances under control, from getting a debt consolidation loan to just juggling your borrowing onto cheaper products. But the important thing is to work out a repayment plan and not bury your head in the sand."
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