Christian is an author of several articles pertaining to Debt. He is known for his expertise on the subject and on other Business and Finance related articles.
Debt. It’s something we are reading and hearing about more often every day that goes by. With the UK’s debt currently over £1,430bn it is hardly a surprise that more of us are feeling the squeeze and are in need of help.
Did you know that, excluding mortgages, the average household in the United Kingdom is in debt to the extent of £9000 - £12,000? And to make the fact even harder to swallow, more and more people in Britain are getting into serious debt every day.
Debt consolidation was, for a long time, seen as a desperate last resort and was generally frowned upon. This attitude is changing, with people beginning to realise that the sooner you decide to bit the bullet and consolidate the sooner you can get on your way to be debt free and stead on your feet again.
With modern culture’s use of media on TV, the internet and pretty much every public place you see offering “buy now, pay later”, loans, credit cards and similar products it should not be a surprise that the personal debt of people in the United Kingdom goes up by approximately £1 Million a minute! And with the stomach wrenching feeling of having another brown envelope hit the door mat or ignoring the ringing phone in case it is somebody demanding payments being all too familiar to many people in Great Britain, debt consolidation is thankfully an option you can take to help you sort your financial problems, and your life, out.
In layman’s terms, debt consolidation means you contact all of the companies that you owe money to and request a settlement figure. Collect these together and calculate the full amount. You would then apply for a loan from whoever is offering the best rate, and pay back your debts, in full, with this amount. You then only have one, although significantly larger, monthly repayment to take care of. This is obviously much more manageable and easy to keep track of.
However, if you have a bad credit rating you may find it difficult to be accepted for a debt consolidation loan. If this is the case, you may need to approach one of the many specialist debt companies who would offer you the money and take care of the settlements for you. Unfortunately there is a catch. Most of these companies will charge you a high interest rate, so you will eventually be paying more than you originally owed in the first place. However, you will be paying a lower monthly repayment which is easy to track and keep on top of, usually meaning an easier life for you.
- Related Videos
- Related Articles
- Ask / Related Q&A
- Payday Loan Debt Consolidation - Payoff your High Interest Debts
- Student Loan Debt Consolidation: Streamlining Track to Debt Free Life
- Student Loan Debt Consolidation - An Overview
- Cash Back With Student Loan Debt Consolidation
- Payday Loan Debt Consolidation : Payoff Your High Interest Debts
- The Reasons and Solutions for Payday Loan Debt
- Student Federal Loan Debt Counseling – a Handy Financial Solution for Students
- Get Rid Of The Payday Loan Debt
Is It A Silly Idea To Get A Debt Settlement Service To Pay Off Debt?
By: Hector Milla | 18/12/2009If you are deeply in debt, you may be looking at the different options available to you to help with your situation.
Is Settling Debt Really The Best Option?
By: Hector Milla | 18/12/2009There are many options open to you when you want to get out of debt. The best option depends upon your situation.
Is Settling Debt Like Filing Bankruptcy?
By: Hector Milla | 18/12/2009When it comes to debt settlement sometimes people ask the question "Is settling debt like filing bankruptcy?" The answer is no, and actually it can help you even avoid bankruptcy. Debt settlement, when done right, can even help your credit rating.
Is Settling Debt Considered The Same As Bankruptcy?
By: Hector Milla | 18/12/2009Many people have heard the horror stories about debt settlement. They are looking for options to get out of debt.
Is Using A Debt Settlement Service A Good Thing To Do Over Bankruptcy?
By: Hector Milla | 18/12/2009With the economy being in a poor state and with more and more people experiencing problems paying back their debts, the question "Is Using A Debt Settlement Service A Good Thing To Do Over Bankruptcy?" seems to be on the minds of many people.
Are Debt Settlement Services A Good Or Bad Thing?
By: Hector Milla | 18/12/2009Like most everything, debt settlement services have pros and cons. There are definitely more pros as this can be a great strategy for getting out of credit card debt.
Debt Settlement Service - Is It Possible With Out Home Equity?
By: Hector Milla | 18/12/2009Thinking that you have to own a home, or have equity in your home, to qualify for debt settlement is a common misconception.
Do I Need Assets To Qualify For Debt Settlement?
By: Hector Milla | 18/12/2009Some people do not look into debt settlement because they simply do not know how debt settlement works.
Accident Claims Don't End After You Leave the Hospital
By: Christian Ward | 03/08/2008 | Personal InjuryIf you've ever been involved in a road accident, then you will know that the suffering doesn't end once you've left hospital, been patched up and reached the safety of home.
A Brief History of Asbestos
By: Christian Ward | 03/08/2008 | Personal InjuryAsbestos is a naturally-occurring fibrous mineral of metamorpic hydrous magnesium silicate. The term "metamorphic" is used to describe a process of extreme heat and pressure which creates specific secondary patterns of minerals with new chemical and/or physical properties.
5 Essential Credit Card Rules You Need to Know
By: Christian Ward | 03/08/2008 | CreditWhether you're a seasoned credit card pro or someone who's new to the world of plastic, there are five rules you'd do well to remember. After all, credit cards can make or break your credit rating. You don't want it to be the latter. With that in mind, here are five credit card rules to live by...
Avoiding Medical Negligence Claims if You're a Nurse
By: Christian Ward | 03/08/2008 | Personal InjuryIn today's litigious society, it can be easy for the nursing staff to become involved directly or indirectly in legal matters. However, just as the amount of cases has increased, there are some common themes among legal battles involving nursing practitioners that have stood out. By understanding some of the issues at work, nurses can avoid many of the trouble or high risk areas that might create future legal situations.
Are Airline Credit Cards Worth It?
By: Christian Ward | 03/08/2008 | CreditAirline credit cards are those that reward air travel points or miles to people who purchase items. People can easily redeem these points and miles. Airline credit cards ideally suit a specific user profile. Normally users of these credit cards travel regularly and are economically well off.
Calculating Your Whiplash Claim
By: Christian Ward | 03/08/2008 | Personal InjuryHow much is the pain and discomfort of your whiplash injury worth? A fair question, after all a whiplash injury is painful; so you should be compensated accordingly. Unfortunately, however, the level of compensation you get for your injury following an accident will depend on a number of variable factors.
Bike Insurance is not Something to Skimp on
By: Christian Ward | 03/08/2008 | InsuranceThere is no other way to put it, if you are riding without good motorcycle insurance you are just plain stupid. Most motorcycle owners have insurance but there will always be some that think it is not necessary, it is to expensive, they don't need it because they drive safe and many more excuses. When you are the one making these excuses, please read this article and make sure you are smart not stupid.
Bike Insurance Breakdown
By: Christian Ward | 03/08/2008 | InsuranceDo you live for the adrenaline rush and exhilarating experience of riding a motor bike? If that’s your cup of tea make sure you are riding responsibly along with having fun. Being a responsible motor bike rider does not only mean riding responsibly and ensuring safety.