Debt Management Can Be Magic Solution for 2007

by Thomas Baugh - Date: 2007-01-26 - Word Count: 261 Share This!

With the base rate increase leading to greater mortgage debt in the UK, and many people still struggling with the expense left over from Christmas - a debt management plan might prove more profitable than ever.

According to figures from uSwitch, in the last year almost eight out of ten borrowers were issued loans without the lender carrying out any checks to verify that they could afford to repay the debt and almost 1.6 million loans have been approved without properly verifying people's incomes.

Adding to that the increase most people face from mortgage repayments and household bills then it paints a pretty grim picture for many Briton's financial situation.

A debt management plan put together by a skilled debt company might be one possible solution to the problem. This entails paying a group to deal with all of your outgoings to bring down overall monthly expenses.

However, it's important to weigh up the merits of an agreement against the possible drawbacks before entering into a written contract. If you don't do the sums before hand it can end up costing you more than you owed in the first place.

It's also worth thinking about the alternatives to a debt management plan - namely debt consolidation loans, IVAs or even bankruptcy in the worst case scenarios. After all, you can't make the best judgment without learning about the alternatives.

If you're interested in setting up a debt management plan it's vital to have all your financial information at hand so you can make the best decision. You can also find useful resources and information at the Debt Management Site.

Related Tags: consolidation, debt, finance, credit, bankruptcy, personal, interest, management, rate, iva, card, morgage, base

Thomas Baugh is the sole author of articles at and writes content for a number of other sites. If you would like an article published at the then send them to

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