Many Brits may suffer from a debt tipping point

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Many Brits may suffer from a debt tipping point in 2007 owing to excessive debt burden London, Tuesday, 30st January 2007According to Mr. Damon Gibbons, the chairman of a leading debt campaigning charity ‘Debt on our Doorstep’, many UK borrowers will go through a debt ‘tipping point’ in 2007, due to the base rate increase implemented by the Bank of England. While some may be tempted to go for secured loans in such circumstances, Mr. Tapp advises otherwise. He states: “In most cases you pay over a longer period and it costs more.”Instances of home repossessions and bankruptcies have increased manifold over the past few years. This is because people are struggling with their enormous debt repayments. When a person is entangled in multiple debts, even a slight increase in the interest rate may increase the debt burden significantly. Putting up their properties for sale or filing for bankruptcy are the only options available for coping up with huge debt repayments.Debt consolidation is gaining popularity in the UK as a means adopted by people to combine all their debts into one low-cost loan to facilitate easy and efficient debt management. Careful selection of a online debt consolidation loan can help a person save a significant sum of money paid as interest against debt.Other Related News:

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