Home » Finance » Loans

Seeking Help 'Can Assist People To Manage Debts'

Mar 6, 2008
A significant number of consumers struggling with their finances are not getting debt help, a new study shows.

Research carried out by Equifax, commissioned by the Money Advice Trust, showed that three-fifths of Britons under monetary pressures are failing to seek help with their problems. The survey, which was conducted in January, also showed that of the 644 people questioned, some 125 currently have money problems.

In addition, the study showed that some Britons are unaware that there are a number of debt advice services which are free to use. Joanna Elson, chief executive for the Money Advice Trust, stated the survey's findings are "extremely worrying". She went on to report that getting in touch with a money advisory service as soon as possible will provide consumers with the widest range of options in terms of getting back on their financial feet. Taking the time to get such advice, Ms Elson claimed, means that people should discover that something can always be done to help them to get to grips with their money management.

She asserted: "We are keen to know why some people are not accessing free advice services who would clearly benefit from them. Is it simply that people do not know free services exist - are people paying for advice when they do not need to?"

Now the firm is to carry out a study investigating what the opinions of those consumers struggling with their finances are in regards to both free-to-use and fee-charging debt advice services. The trust's findings are due to be published later this year.

Upon seeking out guidance on money matters it may be possible that consumers find themselves in a more manageable position in which to meet demands for payment on utility bills, loans and credit and store cards. Such help could also be of assistance to those developing difficulties with mortgage or rent costs.

Neil Munroe, external affairs director for the online credit information provider, said: "A large number of respondents thought that you had to be on a low income to qualify for free advice. This seems to suggest that there is still a stigma attached to admitting you are in financial difficulty and people feel uncomfortable talking about their financial problems. However, the quicker people act and seek help from debt advice services, they can make the situation a lot less stressful and easier to manage."

Upon seeking help with money, those consumers looking to get to grips with their finances however may wish to take out a cheap consolidation loan. In applying for this type of loan, borrowers may find that they are able to merge a number of demands on their spending into a single low-cost repayment. Following this, it is possible people may have more money spare each month - cash which could them go towards repaying debts and getting out the red quicker.

Indeed, a debt consolidation loan might be helpful for increasing numbers of consumers after a recent Citizens Advice study showed over 57,000 people developed arrears on mortgages and secured loans last year, an 11 per cent increase from 2006. Sue Edwards, head of consumer policy, stated it is imperative such Britons seek help with their finances.
About the Author
Abbi Rouse writes for All About Loans. Our visitors can apply online for bad credit secured loans. We also specialise in the cheapest loans online, and UK consolidation loans.
Rating:
Please Rate:
(Average: Not rated)
Views: 128
Print Email Report Share
Article Categories
    • Artists
    • Gambling
    • Humanities
    • Humor
    • Movies
    • Music
    • Photography
    • Tattoos
    • Television
    • Classic Cars
    • Motorcycles
    • Recreational Vehicles
    • SUVs
    • Trucks
    • Vans
    • Branding
    • Business Opportunities
    • Careers and Jobs
    • Corporate
    • Customer Service
    • Direct Mail
    • Entrepreneurship
    • Ethics
    • Financing
    • Franchising
    • Home-Based Business
    • Human Resources
    • Import and Export
    • Leadership
    • Management
    • Market Research
    • Marketing and Advertising
    • Negotiation
    • Network Marketing
    • Networking
    • Organizational
    • Presentation
    • Project Management
    • Public Relations
    • Small Business
    • Strategic Planning
    • Team Building
    • Telemarketing
    • Training
    • Data Recovery
    • Databases
    • Games
    • Hardware
    • Networks
    • Operating Systems
    • Programming
    • Security
    • Software
    • Spyware and Viruses
    • Ask an Expert
    • College and University
    • Home Schooling
    • K-12
    • Languages
    • Online Education
    • Psychology
    • Coffee
    • Cooking
    • Gourmet
    • Recipes
    • Wine and Spirits
    • Acne
    • Aerobics
    • Alternative Medicine
    • Beauty
    • Cancer
    • Cosmetics
    • Depression
    • Diabetes
    • Diseases and Conditions
    • Fitness Equipment
    • Fitness
    • Hair Loss
    • Heart Disease
    • Medicine
    • Men's Health
    • Muscle Building
    • Nutrition
    • Skin Care
    • Supplements and Vitamins
    • Weight Loss
    • Women's Health
    • Yoga
    • Arts and Crafts
    • Babies
    • Collecting
    • Elderly Care
    • Genealogy
    • Hobbies
    • Parenting
    • Pets
    • Pregnancy
    • Woodworking
    • Feng Shui
    • Gardening
    • Home Appliances
    • Home Security
    • Interior Design
    • Landscaping
    • Affiliate Programs
    • Article Marketing
    • Auctions
    • Audio
    • Banner Advertising
    • Blogging
    • Broadband
    • Domain Names
    • E-Books
    • E-Commerce
    • Email Marketing
    • Ezines and Newsletters
    • Forums
    • Internet Marketing
    • Link Popularity
    • Pay-Per-Click
    • Podcasting
    • RSS
    • Search Engine Marketing
    • Search Engine Optimization
    • Security
    • Social Media
    • Spam
    • Video
    • Viral Marketing
    • Web Design
    • Web Development
    • Web Hosting
    • Copyright
    • Cyber Law
    • Intellectual Property
    • National, State, Local
    • Patents
    • Regulatory Compliance
    • Trademarks
    • Buying
    • Selling
    • Baseball
    • Basketball
    • Boating
    • Cycling
    • Extreme Sports
    • Fishing
    • Football
    • Golf
    • Hockey
    • Hunting
    • Martial Arts
    • Running
    • Scuba Diving
    • Soccer
    • Swimming
    • Tennis
    • Dating
    • Divorce
    • Marriage
    • Weddings
    • Astrology
    • Buddhism
    • Christianity
    • Faith
    • Hinduism
    • Islam
    • Judaism
    • Meditation
    • Metaphysical
    • New Age
    • Cable and Satellite TV
    • Cell Phones
    • Communication
    • Gadgets and Gizmos
    • GPS
    • Satellite Radio
    • Video Conferencing
    • VoIP
    • Addictions
    • Coaching
    • Goal Setting
    • Motivational
    • Stress Management
    • Time Management
    • Clothing
    • Electronics
    • Fashion
    • Gifts
    • Jewelry
    • Causes and Organizations
    • Environment
    • History
    • Holidays
    • Men's Issues
    • Nature
    • Philosophy
    • Politics
    • Women's Issues
    • World Affairs
    • Air Travel
    • Camping
    • Cruises
    • Destinations
    • Outdoors
    • Article Writing
    • Book Reviews
    • Copywriting
    • Fiction
    • Non-Fiction
    • Poetry
    • Quotes
    • Screenplay
    • Tools and Resources