Personal Finance - Have Consumers Had a Belly Full of Personal Debt?

For months, we were trigger-swipe happy, putting our groceries, clothes, holidays and service charges on our credit cards. We wanted mortgages, we took out loans, we watched Property Ladder and What Not To Wear. Whether you were born middle class, had middle class aspirations, you became middle class through your spending. Debt united people around the UK, we sympathised with each other on what we couldn't afford ? but it didn't matter, we still bought it. Soon everybody had a bottle of Jacob's Creek in their kitchen and olives and humous in the fridge.

Yet, it would seem as if a debt conscience is setting in. This morning, The Guardian printed a story based on the fact that Nationwide had reported a 0.2% decrease in the average house price, whilst the Times reported on a statement from the Bank of England, showing that credit-card borrowing was at its slowest rate for more than four years, with mortgage lending also very static.

According to the latest Department of Trade and Industry Survey, 5% of individuals reported finding their household's debt repayments a "heavy burden" and 4% of individuals are currently behind in payments for at least one credit commitment or domestic bill over the past three months.

According to Credit Action, in December 2004, 1.2 million electricity and 1 million gas domestic customers were behind in repaying their debts to their supplier. Additionally 20% of people say that they often neglect checking their bank balance because "they are too scared to find out how much money they have", according to Lloyds TSB.

Credit Action also reported that the number of people searching for help to manage their debts had almost doubled in May in 2005, compared to figures in May 2004 and a survey from Relate revealed that 44% of couples find money to be a contentious issue in their relationship and a quarter of people in debt are receiving treatment for stress, depression and anxiety from their GP.

It doesn't have to be all doom and gloom however. If you're lucky enough to have no outstanding debt, you can keep you finances in shape by exploiting the services of sites such as moneynet, which provide financial product price comparison information and extensive consumer information guides. If you have any outstanding debts, you can seek advice from the Consumer Credit Counselling Service (CCCS) or Citizens' Advice and financial comparison sites like lowermybills and moneynet also provide detailed research on debt consolidation loans and debt management.

Resources:

http://www.moneynet.co.uk/credit-card-guide/index.shtml

htt p://www.creditaction.org.uk/debtstats.htm

About Rachel

Rachel writes for the personalfinanosaurus Cashzilla

http://www.cashzilla.co.uk

Rachel has been writing personal finance related articles for six months and has learnt so much about mortgages and life insurance, that nobody invites her out to dinner anymore. :(

executive chauffeured services Bradford .. Madison to Airport car
In The News:

Getting virus alerts on your iPhone? Tech expert Kurt “CyberGuy" Knutsson helps you learn how to handle fake scam alerts and boost security.
Tech expert Kurt “CyberGuy" Knutsson says opening emails is safe, but risks arise from interacting with links, attachments or HTML content.
Tech expert Kurt “CyberGuy" Knutsson reveals four signs of compromised Social Security numbers and offers five steps to protect yourself.
Tech expert Kurt “CyberGuy" Knutsson discusses how MAB Robotics' Honey Badger 4.0, a versatile robot, now walks underwater with amphibious skills.
An updated Android trojan called FakeCall hijacks bank calls. Tech expert Kurt “CyberGuy" Knutsson says Android phone manufacturers and Google need to step up their game on security.
The Massimo Modular E9 is a sleek, smart and comfy tiny home in 409 square feet. Tech expert Kurt “CyberGuy" Knutsson takes a closer look at what the future of housing might look like.
Every stock trader should consider a virtual private network to safeguard their trading, according to tech guru Kurt "CyberGuy" Knutsson.
Apple recently announced its new lineup of Macs and rolled out Apple Intelligence, its latest artificial intelligence-powered feature for its products.
A Swiss-engineered robot can climb ladders, showing why it's at the cutting edge of autonomous robotic solutions for harsh industrial settings.
Kurt "CyberGuy" Knutsson presents the cities targeted most by robocalls, why this is happening and what you can do about it to protect your privacy.
Stay up to date on the latest AI technology advancements and learn about the challenges and opportunities AI presents
Kurt "CyberGuy" Knutsson shares tips and suggestions for how to get the best use out of the updated Calendar app available with the latest iOS update.
Your Social Security number, your unique identifier used for many purposes, has likely been leaked on the Dark Web; here are some steps you can take to protect yourself.
Researchers have developed a new technology that creates strong, sticky fibers capable of lifting objects and capturing things from a distance.
Smart rings track the same things that smartwatches do, including steps, sleep and a general overview of your overall health, and they tend have more battery life than smartwatches.
Researchers have developed a robotic finger that can perform routine medical exams like those conducted by doctors, helping to address the growing shortage of trained professionals.
Stay up to date on the latest AI technology advancements and learn about the challenges and opportunities AI presents now and for the future.
Insurance administrative services company Landmark Admin reported that a data breach from a May cyberattack affected over 800,000 people.
Sotheby's will auction the first artwork created by Ai-Da, the world's first robot artist created in 2019 by British gallerist Aidan Meller.
More than 250 million users of the Verizon Messages app will have to switch to another app. Verizon is shutting down Messages in the next month.
Tech expert Kurt “CyberGuy" Knutsson provides a list of 10 celebrities who are the most targeted by deepfake scams, including Tom Hanks.
Tech expert Kurt “CyberGuy" Knutsson discusses how Vast's Haven-1, launching in 2025, transforms space living with human-centric design.
UnitedHealth confirms over 100 million Change Healthcare users had their data stolen. Kurt “CyberGuy" Knutsson reveals what happened and what caused the breach.
Tech expert Kurt “CyberGuy" Knutsson explains how iOS 18 brings new text formatting and animated effects to the Messages app.
Whether you're a social media veteran or novice, Facebook friend request scams are common. Kurt the CyberGuy provides tips to keep your account safe.

How to Draw a Personal Budget that Works

Many people spend their little income haphazardly without any planning... Read More

Help With My Annuity

The cries are heard from the distance, "I need help... Read More

Reporting Identity Theft

Would you know what to do if you suspect that... Read More

Save Your Money, Dont Give to Charity Scammers

**If it's Spam, it's a Scam!- If it sounds too... Read More

How To Free-Up 10% to 15% of Your Income

Would you be interested in freeing up 10% to 15%... Read More

How to Attain Your Dreams on a Single Income

If you recently became a single parent and see your... Read More

Budgeting the Key to being Financially Stable

Single Mother's in need of Financial GuidanceBudgeting is key to... Read More

Are You Ready To Be Fired?

Your boss has just informed you that your department is... Read More

Personal Finance ? Why You Should Compare, not Despair

Sorting out your personal finances can be a tricky and... Read More

Why Live Frugally

What is it about being frugal, why do it at... Read More

10 Quick And Cheap Ways To Cut Your Heating Bill

When you received an energy (heating) bill last winter, were... Read More

Make or Break Your Retirement!

The Prudential has dubbed those who refuse to leave home... Read More

Are You Sick of the Financial Insecurity of Fluctuating Seasons and Income?

Finding a stable and secure income that will come year... Read More

How To Survive The Grocery Shopping Blues

If you are the normal consumer, then you've probably experienced... Read More

How To Place an Online Order for Checks ? It is Easy as 1-2-3

If You Have an Existing Account and 5 Minutes, You... Read More

Accessing Funds You Never Knew You Had- Household Utilities and Mortgage Expense Reduction Plan

For most of us the process of getting out of... Read More

UK Parents Inactivity Harming Their Children?s Future University and Mortgage Savings

The British government at the beginning of this year officially... Read More

Top 10 Ways Managing Your Money Is Just Like Riding a Bike

An avid cyclist and bike racing fan, I sit transfixed... Read More

What?s New in Checking ? From Designs to Photos

Just about everyone has a checking account. Checks present easy... Read More

Roth IRA Contributions - IRS Rules

Confused about whether you can contribute to a Roth IRA?... Read More

Strategies for Success

Holy Shenanigans! More STUFF?Loosing one's business due to lack of... Read More

Money Saving Tips. Maximize Savings on Everyday Items!

Frugal living is more than a lifestyle. It's a passion.... Read More

Credit Card Debt ? Watch Your Credit Report and Your Bill

Most consumers are aware of the importance of their credit... Read More

Knowing Me, Knowing You: Why ID Protection Plans Are Flawed For Fraud

ID theft is a major consumer concern, though there is... Read More

Simple Ways to Save Money

Things are so expensive these days. We seem to be... Read More

O'Hare Chicago prom limo ..