Is Being in Debt Normal?
You may believe you’re the only person in the world struggling with money. The good news is this couldn’t be further from the truth.
For many people, being in debt certainly doesn’t feel normal. If you owe multiple creditors, it can often feel isolating; you may believe you’re the only person in the world struggling with money. The good news is that this couldn’t be further from the truth.
According to the Office for National Statistics, over a two-year period, the average household debt increased almost by 10% to £9,400. Dealing with debts such as overdrafts, mail order debts, and student loans, this goes to show that money problems are normal. In fact, it seems like it’s normal to owe large amounts of debt.
During this period, expenses such as credit card and personal loans debts increased by 11%. This suggests that increasing numbers of people are struggling to make ends meet and relying on financial products to survive between paychecks.
Commenting on the findings, a personal finance analyst stated:
“Not all these debts are the same: there’s a world of difference between taking an affordable, low-cost loan for vital home improvements, and living on your overdraft month after month, because it’s proving so difficult to make your salary stretch to the end of the month,”
But if you’re one of the 44% of people who see their borrowing as a burden, it’s worth taking steps to deal with your debts.”
These findings definitely illustrate that debt is not an unusual issue. Far from just being something you deal with yourself, your friend, neighbour, colleague, every household looks like they have some degree of debt.
How do I deal with my debts?
It’s all very well someone suggesting you “deal with your debts” but – chances are – you’ve probably come to this conclusion yourself. This is especially true if you have creditors each chasing you for money you don’t have.
You’ve probably already tried all the general advice in this scenario as well, such as budgeting or looking to cut costs where possible. Instead, you’re definitely not alone – there are firms out there willing to help you.
At Consolidation Express, we’re a broker of debt consolidation loans. This means we could help you repay your creditors and get on top of your finances today.
Just think – only one creditor to repay, one interest rate to manage, and one monthly payment to make. With the right deal, you could even save money each month.
To find out more information, click the button below. This short application form could reveal if a debt consolidation loan would benefit you:Apply Now
APRs from 5.8% to 89.9%
We are a broker, not a lender.
Unsecured Loan Representative 69.9% APR
Borrowing £7,500 over 36 months, repaying £502 per month, total repayable £18,083. Total cost of credit £10,583. Interest rate 69.9% (variable). The lenders on our panel offer loans for 12-60 months, with rates from 5.8% APR to 89.9% APR. The Representative Example is based on all loans paid out by lenders between 19th Apr 2022 and 23rd Dec 2022.
Secured Representative 11.7% APR
If you choose to add fees to the loan: Assumed borrowing of £25,000 over 120 months, plus a broker fee of £2,500 and a lender fee of £250 would result in monthly repayments of £345.55, the borrowing rate is 8.6% (variable), the APRC is 11.7% (variable), total charge for credit £16,466.00 and the total amount payable £41,466.00. You can opt to pay the lender and/or broker fees upfront, your adviser will discuss these options with you.
Think carefully before securing other debts against your home. Your home may be repossessed if you do not keep up repayments on a mortgage or any debt secured on it. All rates vary subject to loan amount, loan type and status. Repaying your debt over a longer period of time may increase the amount you pay.