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Average Unsecured Lending Falls But Debt Still a Major Problem in the UK, Reports Debt Line
Average Unsecured Lending Falls But Debt Still a Major Problem in the UK, Reports Debt Line
Unsecured lending in August 2012 is £9 billion less than in August 2011
Richmond Hill,
Bournemouth,
United Kingdom
(sardnews.org)
31/10/2012
According to Credit Action, unsecured, consumer credit lending was £156 billion in August 2012, down from £165 billion at the same time in 2011. Furthermore, household debt was also down with the average household owning £5,949 excluding mortgages in August a reduction of £22 since July, reports debt consolidation company Debt Line.
However, the picture wasn't entirely peachy. Despite some falls, overall personal debt in the UK is still rising. In August 2011, outstanding personal debt was £1,407 trillion. By the same time this year it had risen to £1,412 trillion. This is more than the entire country produced last year.
Although many people are tightening their belts, reeling in spending and trying to set aside money at the end of each month to put into savings accounts, the bigger picture is still troubling. The Citizens Advice Bureau dealt with 8,465 problems every working day between June 2011 and June 2012.
Interest on servicing loans, overdrafts and mortgages is huge. Credit Action claims the UK's total interest repayments on personal debt over a 12-month period are now more than £60 billion.
As more and more people are falling into a tangle of debt, financial repayment plans and debt freezes are becoming the only answers for many. Debt Line helps its clients do all this and more.
Debt Line helps thousands of people every month repay their debts from credit cards, payday loans, unsecured loans and overdrafts. It creates one affordable monthly repayment to cover all debts and even works towards freezing existing debts. It will handle creditors on behalf of its clients and its debt repayment plans make it easier and faster to repay debts and get debt free forever.
It is upfront, open and honest. It does charge a fee for its services, but this is made known right from the start. It also has a wealth of information and resources on loans and financial products arming people with all the advice they could possibly need to get debt free and never have any debt issues again.
Contact Information:
Michael Waylett
michael.waylett@debt-line.net
+44 (0) 7921 060 014
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About Debt Line
It is upfront, open and honest. It does charge a fee for its services, but this is made known right from the start. It also has a wealth of information and resources on loans and financial products arming people with all the advice they could possibly need to get debt free and never have any debt issues again.
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