Educational Video on Understanding Debt
68% of the British population admit to being unable to control their debt. We want to educate you on how to not only repay your debt but also control it. Debt is a huge source of stress and being able to control debt will remove that source from your life.
The Implications of Debt
Debt decreased in the years following the banking crisis in 2008 to 15%, previously 23% in 2008. However, this is no longer the trend. Debt, especially unsecured debt, is being to rise once again. Unsecured debt is building at a rate faster than the amount of income in households. The amount of unsecured debt is due to rise to similar levels as that of just before the financial crisis in 2008.
This uncontrollable debt is putting millions of families under pressure which will only scale as the debt does – not to mention debt puts stress on the economy.
As a result of large debt households can end up paying significantly more than they borrowed. This is dangerous as this will eat into their income, likely causing a deficit they are unable to manage.
- 20-29 year oldsare twice as likely than 30-39 year olds to have debts worth more than six months of their income. (14% compared to 7%)
- Private renters are nearly twice as likely as those with a mortgage, and five times as likely as those who own outright, to have debts worth six months of their income. (10%, 6%, 2% respectively)
Data from Citizens Advice (https://www.citizensadvice.org.uk)
Debt is correlated to greater issues within people’s lives such as family breakdowns and damaged physical and mental health. There are also relationships between unemployment, poor mental health, low pay and illness with uncontrollable debt.
The Impact of Debt on Behaviour
Debt results in people making less life decisions such as marriage, start a business or find a new job. Debt controls behaviour and impacts upon many areas of people’s lives.
- 49% say they are less likely to start a business (compared to 33% generally)
- 41% say it makes them less likely to study or retrain (compared to 27% generally) ● 34% say it makes them less likely to move location (compared to 25% generally) ● 28% say it makes them less likely to change jobs (compared to 19% generally)
Statistics from Citizens Advice (https://www.citizensadvice.org.uk)
If you find debt is restricting your ability to make important life decisions then please call 0112 496 0919 now. We will guide you through our key steps to recovering from debt and stopping it from ruling your life. Do not let debt control your life, by calling you will be able to take action and benefit from our free advice which has helped 11,300 in the past two years.
The Impact of Debt on Mental Health
Those with uncontrollable debt are almost 30% more likely to suffer severely from a mental illness, such as depression or anxiety. Those suffering from a mental illness are more likely to be behind when paying their taxes as they need help with their stress and their debt.
Do you suffer from uncontrollable debt which is causing you to stress? Let us help call 0112 496 0919.
Do I have uncontrollable debt?
Measures that constitute uncontrollable debt are not clearly defined as they often change. However, we will help you to gage whether you are likely to be in a position where you are unable to pay back your debt.
Ignoring the variations about what constitutes uncontrollable debt here is indicators that will likely mean you have debt problems:
- A high debt to income ratio (Large Deficit)
- Constant household bill arrears or debt
- Debt is causing you problems in wider areas of your life e.g mental or physical health
- A high debt repayment to income ratio.
If you can say ‘Yes’ to all of the above then you likely have uncontrollable debt. We can help.
Do not forget to call for free tips and advice on how to manage your debt. You could be debt free in as little as 4 years.
Phone: 0112 496 0919