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People who find themselves in severe personal debt need to obtain help as soon as possible in order to maximise their options and avoid the risk of losing their home.
DONT LET DEBT LEAVE YOU STRANDED
DON’T LET DEBT LEAVE YOU STRANDED
IT’S about now that the first credit card statements since Christmas are beginning to land on doormats and the magnitude of people’s debt is beginning to sink home, combined with recent news of a 0.2% shrink in economic activity, it could be a gloomy 2012, but before people despair accountant Andrew Bland says professional advice can help.
“People don’t realise we can help with personal debts, for some even making the minimum payment is going to be unaffordable but the options available are far greater the sooner you take professional advice,” he said.
“Not all the options mean you will lose your house – a debt management plan for example, is the least formal option and may simply involve your interest and charges being frozen in the credit card debt, and you make the minimum payment you can afford.
Andrew, of DMC corporate recovery added: “Many family budgets are stretched to the limit, and families are using expensive but relatively easily accessible unsecured credit card debt to fund day to day living expenses which should really be met out of earnings.”
The government has stressed the need for the UK economy to “re-balance”, with movement away from a reliance on credit, especially to balance household budgets.
A recent report by housing charity Shelter has shown that for many rising living costs and worsening employment conditions mean the stark choice of heating the home, food in the fridge or being able to afford the mortgage.
“I cannot stress enough, that as soon as you realise you cannot manage your debts seek professional help, either from CAB, or a licensed insolvency practitioner,” he added.
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