Thursday 1st December 2016
Figures showed that credit card lending is now at record levels, up by £571m in the past month which backs up the above theory. Think about that for one minute. Up £571 million pounds in one month.
Overall unsecured debt, including overdraft is increasing at its fastest rate since before the financial crisis.
This issue will undoubtedly affect millions of people.
The Banks ‘Stability Report’ shows that the ratio of household debt to income is running at 133% which is high by historical standards although not as high as during the financial crisis.
The graphs below show the age groups of those searching for help with debt and visiting our IVA website www.x-debt.co.uk during the month of October 2016.
We can see that over 30% of all traffic to the website is from individuals aged between 25 to 34. This reduces only slightly to Age 45 where we then see a gradual decline to age 65+. However, those in the higher age band can have a larger amount of debt as they have had longer to build it up and are (or have been) in a financial position to sustain higher levels of debt.
During the same period we can also see that almost 70% of those searching for debt related assistance are male.
It is extremely important to take that first step which can sometimes be the hardest. We have found that speaking to someone who is qualified to advise you can instantly relieve the situation and give you much needed peace of mind. Please pick up the phone to speak to one of our advisors on 0161 787 3400 or 0800 043 2424 or Contact Us here to see if an IVA may be a suitable debt solution for you.
X Debt staff have many years experience in IVA advice and dealing with your IVA throughout the arrangement. Our Insolvency Practitioner is always on hand should you need additional advice.