Find Out About Help With Debt

Credit cards are one of the most popular methods of borrowing money in the UK today. The chances are, if you are reading this article, then you have had a credit card and probably more than one. Maybe you are currently in the process of juggling paying one credit card off with another credit card, which is becoming more common than you would think. Maybe you have run up a bit of a debt with the intention of paying it off at the end of the month, but your hours have been cut at work and you’re going to struggle to pay it back – or maybe you’ve lost your job altogether and with the current financial climate, it wouldn’t be a surprise – companies are cutting jobs left, right and centre these days. Maybe you have had a death in the family which means that you don’t have as much money coming into the household.

Any one of these things can really make things a struggle financially and if you have mounting lines of credit, like credit cards, payday loans or store cards, things can get out of control very quickly, especially when credit collection companies start to pile interest and charges on. In some cases, the interest on some lines of credit can amount to more than the original sum borrowed, especially if left unpaid over several months. Payday loan debts themselves can be in excess of 3,000% APR (Annual Percentage Rate) so it’s important to try and get your finances back under control as quickly as you can whilst getting free debt free debt advice advice where you can.

So how has the United Kingdom managed to get themselves into so much personal debt over the past few decades? Well, there is no one thing that has plummeted the UK into debt, like most things, it is a combination of things that have ultimately left us all with these problems. First of all, we can’t ignore the current unemployment figures in the UK of 2.62 million (November 16th 2011), which is over 8% of the UK populace. People are being made redundant and are looking for quick fixes to pay essential bills like their mortgage which can then lead to mortgage arrears – not because they want to, it is because they have to. If this sounds familiar then help with debt is first on your agenda, it is really important that you don’t let things get any worse.

Secondly, creditors are making it really easy these days to get creditor – whatever their circumstances. You can’t help but see adverts for credit cards on the television, by opening a newspaper or magazine or being advertised on the net. The chances are, you probably stumbled across at least one advert for a credit card before getting to read this article by jumping from webpage to webpage. Creditors are so desperate for you to choose their services, some have even started offering certain credit cards, even if they have a poor credit history. However when the risk of lending increases, so does the APR, so you will end up paying more in the long run – careful which line of credit you choose.