Friday 15th June 2012
It has recently been reported that many people are now in debt due to
the money they have been spending on items from catalogues. We have all
perhaps bought something from a catalogue at one point or another, be
it clothing or a piece of furniture for the house, and although these
purchases may seem small and relatively harmless, they are contributing
to the prevalence of debt in the UK. The most recent reports out there
show that a phenomenal 25,000 of the calls made to the National Debtline
last year were due to people being in debt with catalogue businesses. Seek IVA debt advice now to help ease your debt worries.
It is bizarre to think that more people have problems with catalogue debt than those with problems in relation to mortgage or rent payments. It seems that the consumer culture we live in truly is causing untold damage to the financial situations of a large number of people. Overall, the statistics named this kind of debt as the fifth most prevalent among those seeking debt advice. It is the free advice offered that assists such individuals to work past their current situations in order to finally live a life free of debt.
One of the main issues with those finding themselves in debt from catalogue purchases is that they will be less inclined to seek advice because they feel it is their own fault for spending the money in the first place. If this is the case then the reported numbers of people in this kind of debt could be even larger than imagined. Perhaps they feel that because their debt is not as large as that of those who are behind on their mortgage they feel that they are taking up the time of people with more severe cases.
Other than this, it seems that many people don’t realise just how much trouble they can get themselves into by failing to make the payments on their purchases. Speaking recently, Joanna Elson of the Money Advice Trust said, “When buying from a catalogue, many people don’t realise they are signing a consumer credit agreement, which means the debt is enforceable in the courts. Additionally many people don’t realise that missing a payment on a catalogue debt will usually invalidate any special low or zero per cent interest deal.”
With this statement in mind, it is easy to see how people can fall into debt before they have even really considered it possible, especially when unforeseen interest rates start to build up. By some standards, catalogue debt might not seem like such a big deal, however it is all relevant to the earnings of the person it pertains to. If that person cannot afford to pay, for example, £500 pounds of catalogue debt, then it can have long lasting consequences for their financial situation. No matter what, all those facing catalogue debt should seek some the excellent free debt advice available to them, in order to find a workable solution to paying back what they owe.
Speak to X-debt now for free debt advice.