Helping people & businesses recover
01685 352744
The nations plastic card spending spree is unravelling very quickly as outstanding card debt now exceeds £64 billion and with average interest rates at 18% (which is 36 times the current bank rate) it is piling on the pressure for those 40% of card holders who are paying interest on outstanding balances.
Another worrying factor is that if the interest rate exceeds the present 18% then big write-offs could become an increasing trend set against paying the minimum repayment on £5,000 taking close to 50 years before cleared at a typical APR of 16.9% when you will have parted with £10,773.93. Interest charges.
The International Monetary Fund (IFM) apparently views Britain as the European Country most likely to experience more economic turmoil and fears consumer debt across Europe may reach£1.5 billion, with much of that in the Britain.
A sobering thought is that “consumer debt in proportion to income”, has now exceeded 170%.
The number of individuals who have become insolvent which includes, IVAs, Bankruptcy and Debt-relief Orders, has now exceeded 30,000 for a 4 month period and it is being predicted that the year end may show figures of around 125,000 insolvencies, which has doubled over 4 years. To date in 2009, personal bankruptcies are around the 42,000 mark.
Individuals find it a taboo subject to speak about and don’t even tell their loved ones or family, for the fear of failure or subsequent rejection and loss of status. There is also a perceived stigma that accompanies it. 1 in 10 individuals have debts in excess of £60,000 and many are oblivious to the time in years it will take to pay it off.
Ill health comes with the debt package in many cases and in particular, loss of sleep, stress and depression.
Assisting in Business (AiB Ltd) is there to assist individuals and Businesses through these testing times to a mutual resolution between Debtors and their Creditors. Just call 01685 352744 take your first step to Recovery.
The number of companies falling into administration increased by 18% in the first half of 2009 compared with the same period last year according to some reports.
Whenever you are able, use cash and keep a good track of your spending you will not get as carried away as you do with a credit card.
If you are worried about the condition of your finances then let Assisting in Business Limited (AiB Ltd.) run a health check for you, it may be a small outlay to save a lot!! Call 01685 352744.
If you know you have a problem then be honest with yourself, admit it and speak with Assisting in Business. Let us assist you with budgeting, prioritising and keeping control of your finances or selecting the correct recovery method for you or your business. Call 01685 352744.