Recently, a Compare the Market survey showed that around six million people in the UK worry that they will never be debt free.
The report found that 62% of the population are worried about their levels of personal debt, and around a third of those interviewed for the survey were planning to take on even more personal debt in the form of credit cards, loans and mortgages in an attempt to keep their head above water.
Using credit to pay off credit is perhaps the most common way for debt problems to turn into a debt disaster. Often the customers who reach out to us attempt to meet minimum repayments or pay bills by borrowing even more money. This simply cannot work. All it achieves is delaying the problem – while the problem gets increasingly worse in the background. Daily expenses are paid for by credit cards, loans are taken out to pay the credit card bill, changes in circumstance mean the loan has to be used for something else, you have to sell something to meet the credit card repayment while interest pushes it even higher, and so on and so on.
Decisive action must be taken in order to combat rising debt problems. Borrowing is what caused the issue in the first place, borrowing to solve the issue just doesn’t make sense. We all dream of having no money problems, but spending money to delay the inevitable can lead to disaster.
Debt Free Life has helped thousands of Britons across the country to get back on top of their finances. We know every situation is different, and so have many processes at our disposal to make sure you get a plan that works for you. If you, or someone you know, isn’t coping with their finances then get in contact with our team today.