All About Debts

As many predicted, after the Christmas period there has been a surge in callers seeking debt advice in the UK.

Debt Help There's usually a rush of callers with debt problems after the festive break. Sometimes people delay seeking debt advice until after the holiday; others simply overspend and can't afford the credit card bill when it arrives.

"Even for a relatively small bad debt of á14, 000, fold to cover the debt." Small businesses are urged to develop systems to reduce the risk of bad debt, in order to prevent the problem seriously hampering their development. FSB offers support to flooded SMEs The Federation of Small Businesses (FSB) has made 00, 000 available to member companies who have been affected by the June floods.

Counseling Debt This year, the number of people looking for debt help and advice has broken previous records. One agency reported 12,000 callers in the fortnight after the holiday - the busiest period since they started in 1987.

An estimated 2.4 million people in the UK have yet to pay off debts incurred last Christmas, according to new research by debt counselling firm One Advice.

Consolidation Consumer Debt Many retailers reported a slow-down in sales in the run-up to Christmas. It was suggested that people were reluctant to use their credit cards or increase their bank overdraft. While there was a last minute boom in sales, it's clear that many people were trying to save a little this year, preferring essential items for presents, such as clothes.

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Debt Settlement Indeed, we reported in the Debtsolver blog that the rate of demand for consumer credit fell to 10% in November - its lowest level since 1994.

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Debt Free So why is there such a flood of people seeking debt help?

Consolidation Debt Service Part of the reason may be a growing awareness that there is help available for anyone facing a debt crisis. People realise they can get help; either in the form of debt consolidation, whereby their loans are consolidated into a single monthly payment, or they can look to taking out an IVA (individual voluntary arrangement) where they renegotiate their debts with their various creditors.
Personal debt levels are still at an historic high, but there's some evidence that people in the UK are starting to manage their debts better, both by cutting back on their borrowing, and by showing a greater willingness to get professional debt advice.

Company Consolidation Debt

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