Debt levels rise…but the debt to income ratio improves!

Protecting a good investment and making money conceptAccording to recent figures from Credit Action, household debt increased in May 2013, compared to the previous month, but the debt to income ratio has improved drastically!

Increases in wages from April to May means that, although debt levels rose, the average UK citizen would have been in a better position to manage their debt.

The stats:

  • £54,024: average household debt (including mortgages) in May, up from £54,002 in April
  • £5,978: average household debt (excluding mortgages) in May, up from £5,966 in April
  • £164 million of interest was paid every day on personal debt in May
  • £1.455 billion: daily value of all plastic card purchases in April
  • 1,545 people were made redundant every day between February and April
  • 898,000 people had been unemployed for over a year between February and April
  • Every 5 minutes 15 seconds someone was declared bankrupt or insolvent during Q1 2013
  • Every 16 minutes 26 seconds a property was repossessed during Q1 2013
  • It cost £67.30 to fill a 50-litre tank with unleaded petrol in June
  • The Government borrowed an estimated £3,286 every second during May

If you know of anyone who might want some advice with regards to debt, there is lots of information to be found on our Turn Debt Around website – have a look at the Debt solutions page, and the Important information page.

Alternatively, they can also call us on 0131 777 3039 for an impartial, no strings chat.

For the full Credit Action story, click here.

Do you know anyone who may need debt advice? We can help!

We know that many who find themselves in debt feel embarrassed about their situation, and sometimes hesitate to seek help as a result. But experiencing financial difficulties is nothing to be ashamed of; it happens to people from all backgrounds and walks of life.

At Turn Debt Around we can offer impartial, personal debt advice that takes into account people’s specific circumstances, and is compliant with the guidelines produced by the Office of Fair Trading, and all aspects of consumer regulations.

Whether someone has debts of a few thousand pounds, or tens of thousands of pounds, our friendly and experienced financial advisors will ensure they are recommended a debt solution that works for them.

Treating customers fairly, ensuring our clients have a good experience from start to finish, is a top priority for us. The advice we give is free, and no one is under any obligation to go ahead with our recommended solution. If a person chooses to proceed, fees may be applied – these will be explained beforehand, and are usually incorporated into a customer’s payment plan.

Facing debt problems head on can be scary, but putting is not helpful. In fact, it could make things a lot worse.

So if you know someone who needs help, tell them to have a look at the debt solutions page on our website, or suggest they call us for a chat on 0131 777 3039.

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Household debt on the rise!

Household debt

Debt that’s not dealt with can lead to repossession

National money education charity, Credit Action, has reported that the average household debt in the UK is on the rise, as the rate of repossessions goes up.

The fact that more repossessions are taking place implies that more households are struggling to make ends meet. If you find yourself in debt, it’s important not to ignore the problem, but to take action straight away.

Turn Debt Around can help with impartial, no strings debt advice, and we can also facilitate a range of debt solutions.

For more information, have a look at the ‘Debt solutions’ page on our website, or call us for an initial chat on 0131 777 3039.

Source: Credit Action

Finally, the Turn Debt Around blog is back!

The Turn Debt Around blog is back to business as usualIt’s taken us a bit longer than anticipated to get everything set up, but following the closure of our old blogging platform Posterous at the end of April, our shiny, new WordPress blog is finally up and running!

We will continue to post weekly blog updates about money, personal finance, debt, debt solutions and the economy. We also enjoy sharing good money-saving tips and ideas, so watch this space – or subscribe to our blog to make sure you get all our updates!

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We look forward to staying in touch with you online!