3 min read
If you know the amount you owe is too much, it’s time to do something about it.
Click the button below to find out if we can help you:
Did you know the UK government now owes around two trillion pounds’ worth of debt? This is an almost unimaginable figure and – understandably – might make a few people nervous. However, how do you know whether your debt is excessive?
Whether you owe an excessive amount of debt largely depends on your circumstances. However, as a guide, you may wish to seek debt support if the monthly amount you repay comes to 40% of your income for that period.
For example, if you bring in around £2,000 per month – and £800 goes towards repaying your creditors – you might require a debt solution.
Although a very mathematical way of evaluating your finances, this can be hard to determine if you don’t have a calculator nearby. Instead, there are other ways which may reveal if you owe too much:
If this sounds like your situation, don’t worry – help is available.
Although owing two trillion pounds sounds like a lot of money – and make no mistake, it is – this situation is not unmanageable for the government. Despite this sum exceeding what the country generates in a year, the repayment amounts are relatively low.
Furthermore, this sum is a drop in the ocean compared to what the UK owed at the end of both World Wars and the Napoleonic era.
If more than 40% of your monthly income goes towards repaying debts, you may be able to get help through a consolidation loan. This solution can effectively repay your creditors within a matter of hours and leave you making just one affordable monthly payment.
This should leave you with much more income left over at the end of each month.
To find out if you qualify, click the button below:Get Debt Consolidation