Family debt improved ever since the beginning of the year

Research into family finances by insurance group Aviva has found that household debt has increased by much more than £6,000 since the beginning of 2011.
The average family now has debts of £79,816, that is £6,126 more than the beginning of the year. Nonetheless, it’s believed that this is mainly because of an increase in mortgage borrowing, as opposed to an increase in unsecured debt.
The study has also found that family incomes dropped by about 2 percent between May and August this year and the amount of cash people have got in their savings has dropped by sixteen % within the same time period.
Families who have unsecured debt are spending nine percent of their income on repayments, so more and more people at the moment are trying to find a way to get debt free given that the cost of living increases.
If you are concerned about your finances, there are a variety of options available to you depending on how much your debt is and how many creditors you’ve got. A debt management plan is a popular option as it is an even more informal solution to your debt problem. It involves creating agreements along with your lenders to pay back money each month, depending on how much you can afford. This is a viable choice for quite a few families and may help you on your way to getting free of debt today.

Published by: admin on October 4th, 2011 | Filed under Keep Tax Records



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