What’s All The Fuss About Debt?

By on May 15, 2013

Some debt numbers touted in the media seem almost unreal.

The UK is said to be in 1.4 trillion pounds of debt, a figure that simply blows the mind;

but have we become so used to debt that many of us see at as a necessity of life?

How many of us would be able to live with our parents and save until we were in our forties to buy a home?

The fact is most people would never marry and have children if it meant they had to wait until they owned their own home outright and that’s just not acceptable.

Mortgages are Okay – are Credit Cards too

There’s a good argument for having a credit card just in case of an emergency, but using one to live off is a definite no-no; even if you pay off your debt at the end of every month.

These days there is a certain stigma attached to using a credit card for minor transactions because many people are aware of the growing debt problems faced by many.

In January 2013, the Telegraph reported personal debts and debts not secured on property had risen by £9bn in the two years to 2010, but that figure has risen again and many blame the rise in Payday loan advertisements and easy access to unaffordable credit.

The fact that many states in the U.S. have banned payday loans is a clear sign that they are a drain on society.

Will the UK Government Ban Payday Loans

That’s a question on the lips of many people who have suffered at the hands of these companies, but it’s not wise to hold your breath.

There is evidence to suggest payday loan companies are targeting politicians to garner support for the section of the industry they occupy.

Should the recent shake up of the political scene in the UK be reason to reassess the vote-worthiness of plans that seem to make poor people even poorer, we may well be treated to a ban or at the very least, a cap on interest rates.

Is the Debt Our Fault

Unless you have been very unfortunate and had a few emergencies that required money in a short space of time, then the answer is yes.

The debt is your fault because apart from losing a job because of an economic downturn and the rising cost of living, coupled with one unexpected emergency after another, there is no reason why we should be in debt.

Too many of us live to the limit of our means and that means we lack a cushion to sit back on when times are hard.

Where to Go from Here

Well, the first thing to do is claim responsibility for our debts.

Work to bring down our outgoings and increase our income.

Sound easy? Of course it’s not, but that’s life.

As soon as we become adults, we need to take control of our lives and that means we need to manage our own debts.

Some people will need a debt management company and others will contact lenders and deal with the issue themselves.

Whichever way you choose to tackle your problems, you need to understand the only person who can change your situation is you.

Whether it’s professional help, citizens’ advice or family and friends; help is available but you need to be the driving force.

Abel Froman is a long time suffer of debt and has blamed everyone under the Sun for his problems, but one day whilst asking himself the question “How do I get out of debt?” he realised he had to do it for himself.

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