Personal debt on the increase in both UK and USA reaching concerning levels

March 06 05:37 2019

More and more people  are Looking for ways to consolidate their debts after the rigorous expenditure of Christmas and all the costs associated with the festive period.

General statistics expect americans to spend approximately $885 on gifts in 2019 in line with the maintenance of expenditure based on 2018 stats, similar figures are seen in the UK statistics with £719.

In the UK people are resorting to get management plans and individual voluntary arrangements otherwise known as IVA in order to consolidate their monthly repayments and in some cases write off large portions of their debts.

In the USA consolidation loans are a popular choice that people pick up in order to refinance they’re more expensive debts and pay them off through other means of credit

There is a growing trend of people making use of websites such as eBay and Amazon to clear the house of unwanted items and also recoup money to offset their liabilities.

Each household in America now has an average of $15,000 of personal unsecured debt, whilst in the UK the figure is roughly the same again for personal unsecured debt.

In actual fact in the UK the average total debt per UK household as of December 2018 is £59,261

In America the average American household carries $137,000 of total household debt according to the federal reserves latest numbers which suggests that many Americans are living beyond their means as a British members of society.

In both countries there are a range of financial solutions to help combat spiralling debt for instance in the UK you have the DMP (Debt management plan, details here) the IVA (The IVA is a government-supported debt solution, details here, which has a growing base of people using them, more information on the pros and cons of an iva at this page) and bankruptcy proceedings and occasionally debt relief orders.

The USA also offers its own Credit Counselling debt consolidation and debt management services along with debt consolidation loans and other means of debt reduction.

However some people in debt unfortunately don’t qualify for the more popular debt solutions, generally due to a bad credit ratings and defaults on debt repayments, so these people generally need to look into bankruptcy as a last resort (or ways to avoid bankruptcy, details here).

Another means of procuring small amounts of finance for British residents is to claim ppi compensation, this can also be done after an individual voluntary arrangement as a way to repay debts, (detailed here).

In Summary, the hope is that people increasingly learn to practices responsible spending not only during festive periods but throughout the year in order to reduce and ultimately eliminate their debts & become debt free.

Media Contact
Company Name: DebtSolve.uk
Contact Person: James Ant
Email: Send Email
Phone: 07897565083
Country: United Kingdom
Website: debtsolve.uk

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