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nfnw3tm8 · Posted: Wed 19:33, 04 Sep 2013 Post subject: a leading UK debt charity.

toolbar creator Despite tentatively recovering from recession, the British economy continues to struggle. Growth in the economy remains subdued with recent figures showing a slowdown in economic output. And, the continuing economic troubles are hitting households hard with wage freezes, spending cuts and increasing household energy and fuel bills to contend with.

Excluding mortgages, the average household debt in the UK is now £8.144, rising to £15,661 if households with unsecured loans are taken into account. These are the latest findings from Credit Action, a leading UK debt charity.

The charity also reports that a staggering 337 people in the UK are declared bankrupt or insolvent every day whilst 1,392 people lose their jobs daily.

Figures from the Citizen's Advice Bureau (CAB) corroborate these findings. The CAB reports that it deals with over 8,000 new debt problems in England and Wales every working day whilst also reporting that the average UK adult's consumer debt is £4,350 as of March 2011.

Much [link widoczny dla zalogowanych] of the individual debt in the UK is on unsecured loans and credit cards. Unsecured borrowing is often charged at high interest rates as the lender has no security or 'collateral' for the loan. For households in this position it may be possible to consolidate unsecured debts onto their mortgage, meaning they can benefit from preferential remortgage rates rather than having to pay high interest rates.

This choice has the extra strength of allowing all debts to be [link widoczny dla zalogowanych] incorporated into one overall monthly instalment, which makes for much easier budgeting and fewer late penalty fees from credit card companies. It will reduce the clutter of bills, loan repayment letters chasing borrowers for money and could [link widoczny dla zalogowanych] also [link widoczny dla zalogowanych] reduce the overall burden of your monthly debt repayment. If like many of struggling people [link widoczny dla zalogowanych] across the country you have [link widoczny dla zalogowanych] taken a pay cut at work or are finding it hard to cope with the widely publicised rising cost of living, this could be a solution.

This may mean that you're looking to reduce your monthly repayments until your circumstances and finances improve. Remortgaging to a fixed rate contract would allow you to budget more easily, and remove the stress of how you will repay your debts from month to month.

It is vital to consult a remortgage professional before taking action, because some important calculations would have to be drawn up. It might be wider to pay off the consolidated portion of the debt in a shorter space of time instead of over the entire life of the mortgage. This is something that can easily be achieved through [link widoczny dla zalogowanych] a [link widoczny dla zalogowanych] mortgage that offers the facility for overpayments.

If you have missed payments on loans or credit cards you may find that the number of remortgage rates available to you is limited. However, there are lots of lenders that [link widoczny dla zalogowanych] will consider remortgages for applicants who have experienced credit problems.

If you do find yourself in a difficult position and are struggling [link widoczny dla zalogowanych] to meet your monthly commitments to loans and credit cards, a remortgage may be the answer. Not only can you [link widoczny dla zalogowanych] save money [link widoczny dla zalogowanych] on your mortgage repayments but you may also be able to borrow additional cash to pay off all those high interest loans and credit cards.
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