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Thankfully, there are now several web sites that are there to help people like you with bad credit to find the fast personal loans that you need. When you have bad credit, the first thing that you should be looking for is a loan company that If your financial problems have reached the point where you do not see a way out and you feel as though you are drowning in debt, your best way out is through declaring bankruptcy. Filing may well allow you to get your finances back on track
So what is a debt problem?Debt becomes a problem when you cant pay what you owe, when you owe; or youre borrowing more money to pay off existing debts, often referred to as robbing Peter to pay Paul. You may feel youre alone, but you arent. Although its a very personal problem and you may wonder how youve managed to get into this position, here are a few facts that demonstrate you really are not on your own: In 2007, some 400,000 people entered into Debt Management Plans or IVAs, and this number is expected to rise sharply during 2008. UK personal unsecured debt currently stands at £230 billion. In January 2008, consumers spent £2.4 billion on credit cards. Around one million people in the UK have debts of over £25,000. Total UK consumer debt stands at £1.4 trillion. Five million people spend more than they earn on a monthly basis. UK debt rises £1 million every five minutes.So why do so many people find themselves in debt?There are lots of reasons why people get into debt. Up until recently, it was quite easy to get credit and easy credit meant, for many, large unsecured loans. However, the recent changes to the UKs economy have resulted in 100,000s of people now finding it more and more difficult to pay their monthly bills. This may be because of redundancy, or a loss of income; the rising cost of living or health problems. Other issues can trigger debt problems, such as parenthood, a large, one-off expense, or even a relationship break up.To highlight the issue, a recent survey found that one in five UK adults regularly spends more money each month than they earn.Ignoring the problem, or hoping for a financial windfall, many people leave it too late before they contact someone who can help. However, the fact is, the earlier you take action about your debts, the better and more effective the outcome is likely to be.How do you know if youve got a debt problem or are heading for one? Youre borrowing more and more money every month. Youve started to miss monthly payments. Youve unsecured debts that are greater than six months take-home salary. Youre paying bills using credit from other sources. Youre being chased by the people you owe money to; perhaps youre ignoring the phone or not opening your letters. Youre less healthy and not as happy as you were, brought on by worry and stress about money and/or paying your bills.Take a deep breath and relax. Help is at hand.As with many problems, the first thing to do is recognise you have a problem and get help. This is probably the single hardest step youll have to go through; you may feel, for instance, that youll be judged for getting into debt in the first place. This couldnt be further from the truth. At the Accuma Group, we care about getting you debt-free, and respect your desire to become debt-free, rather than the reasons you got into debt.Well help you reorganise your finances and payments. Well be the bridge between you and those you owe money to, so you dont have to deal with them directly; and well offer advice so that you steer clear of financial problems in the future.Let us help you become debt-free.The Accuma GroupWhilst we make every effort to ensure this article is as up to date as possible, Accuma cannot be held responsible for changes in legislation or developments in case law since this article was produced and published. Article produced in June 2008.
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