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Is Being in Debt Normal?

Protecting Your Finances

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% per cent 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:

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