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The Effects of Consumer Debt
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[QUOTE="HOLA, post: 324398, member: 97887"] [B]Consumer Borrowing[/B] Consumer borrowing in the UK has now crashed through the £1 trillion barrier. 80% of this is due to credit card borrowing, loans and mortgages. How are people managing to handle their debt and what effect is debt having on families today? The National Consumer Council reports that 6 million families in the UK are already struggling to make repayments towards their debt, and Citizens Advice reports that over the last 6 years, they have seen a 44% increase in the number of people seeking debt advice. This may be just the tip of the iceberg. There must be many families in the UK who have debt problems, but are not aware of the free help and advice available. [B]Tackling Debt[/B] According to a DTI survey carried out in 2002, a household is likely to be over-indebted if: 25% of your annual income is spent on repaying Creditors 50% of your annual income is spent on repaying credit and mortgages You have 4 or more companies that you owe money to. People find it difficult to make repayments for a number of reasons. Generally, the underlying cause is some kind of change in personal circumstances such as job loss, divorce, illness or a new baby. In these instances some people may resort to more borrowing in order to pay creditors or household bills. This is not always the best option. [B]Effects of Over-Indebtedness[/B] The personal effect of struggling to repay debt can be far reaching. Sometimes a lack of financial awareness can lead to stress, depression, anxiety, mental health problems, relationship breakdown and even suicide. [B]Raising Financial Awareness[/B] The Government recognise the need to raise financial awareness amongst the general public. The financial cost of debt is not only on an individual level, but there is also a cost to society in general. [/QUOTE]
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