Trends in the debt sector

credit cards

The latest trends

There has been a sharp increase in the amount of debt owed in the UK by the public. A staggering £1.52 trillion is still to be settled as of January 2017, including mortgages (up from £1.47 trillion two years ago). Rising prices, including rent, food and petrol as well as increased lending has led to this sharp growth, according to the latest study by The Money Charity. By 2022, this figure is expected to break the £2.2 trillion mark. Credit card debt is one of the major factors, amassing over £66 billion, showing that this type of commercial marketing isn’t stopping people from buying valued items – they can just pay by card and worry about it later.

On average, over 40 people were made bankrupt in Great Britain daily. Nearly 70 debt relief orders and 140 individual voluntary arrangements were made each day. These figures are hard to comprehend, and although this was slightly down on the previous figures, it still shows the struggles we are having in this otherwise prosperous nation.

Debt Experts

That’s why debt experts, like Don’t Fret About Debt, are more prevalent and needed in our society than ever before, in fact they’re becoming more popular each year. Having that support on both a financial and on a conversational level, when a customer is at their most fragile, is key to having any chance to turn the corner and proceed in the right direction for the future.

With the latest news of Brexit, the possibility of another Scottish referendum and the arising issues with the new American president, this is only going to make these sort of issues harder to overcome. Volatile markets are making for increasingly nervous lenders and consumers. In the face of such an uncertain future, everyone will need to be even more careful of their spending and work hard to budget their precious money.

For what it’s worth, knowing that in these financial situations there is help out there offers comfort to the average person. Having that guidance at the touch of a button or a phone call helps debtors know that they are not alone and help is available if they need it.