Borrowers Struggling With Loan Debts On Their Own
Individual debt on personal loans and credit cards has reached record levels in the UK in recent years and still seems to be increasing, as many individuals continue to take out new loans and use their credit cards to pay for their day to day living expenses.
Following the recent recession and low levels of economic growth in the UK at the moment, a large number of borrowers are finding it increasingly difficult to stay on top of their monthly loan and credit card repayments, whilst at the same time their debts continue to spiral out of control.
But new figures have shown that many people who are struggling with their personal loan and card debts are doing so on their own, when in many cases they could benefit from some kind of professional debt advice.
Although the number of borrowers who are seeking debt advice for their loans and cards is increasing, the research from the insolvency trade body, R3, has estimated that somewhere in the region of 900,000 people in the UK are struggling to stay on top of their loan debts without any help or advice from a professional organisation.
According to the survey, there are various reasons why individuals are not seeking advice. 44 per cent of those borrowers interviewed, thought that their loan and card debts were not bad enough that they needed help in sorting them out, whilst another 16 per cent thought that such a solution was only a short term fix to the problem.
14 per cent of those interviewed had not sought help because they were embarrassed or ashamed of people knowing about their debt problems.
It is vitally important that anyone struggling to keep up with their loan and card debts should seek professional advice, as there may be a number of ways the problem could be sorted out which they were previously unaware of.
