It’s usually not a great feeling being in debt. As well as potentially experiencing sleepless nights due to anxiety, depressive thoughts and other mental health conditions are common. One issue which is regularly reported though is how alone those in debt feel.
Although it may feel like you’re the only person in the world struggling with debt, the reality is very different. In fact, a study from the Office of National Statistics has highlighted just how common it is to be in debt.
Over a period of two years, the average household debt increased by almost ten per cent to £9,400. Although there were many types of lender detailed, it seems we – as a society – owe around £22bn on credit cards and £35bn on personal loans.
Although not as widespread as the expenses detailed above, overdraft debt reached £3bn.
Commenting on the findings, a personal finance analyst stated:
“…we're carrying £87bn in loans, credit cards, hire purchase agreements, overdrafts and arrears.
"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."
Given how common debt is, it’s certainly something which can be described as normal. After all, given the large amounts of household debt, your friend, neighbour, or colleague potentially struggles with debt.
However, ‘dealing with your debts’ is sometimes not as easy as it sounds.
Chances are, if you’re struggling to make payments to your lenders, you realise seeking debt help is important. However, if you’ve budgeted, cut your nonessential spending, and your expenses are still getting on top of you, it’s time to speak to the experts.
At MoneyFixers, we can help you regain control of your finances through a debt solution called an IVA. It can freeze interest rates and charges and potentially write off large amounts of what you owe.
Although you can feel like you’re alone in dealing with debt, this couldn’t be further from the truth. We’re here to lend you a helping hand.
To find out more information, click on the button below. This application form will identify if an IVA could help you with your debts.