Finding the best Debt Management Solution means staying up-to-date

Financial trends shows that more than ever, we need to keep up-to-date when looking for the best debt management solution.

The way we manage our finances has changed in recent years. As credit cards, loans and mortgages increase the demands on our wage packets, debt has become an everyday reality for the majority of us.

Financial Trends

Recent research has shown that credit card borrowing is on the decline. The British Bankers' Association showed that in direct contrast to the fall in credit card borrowing was an increase in people taking out personal loans.

This could be to do with the fact that many people are becoming more clued up about the high interest rates some credit cards charge.

Debt Management Solution

It's always best to consult an independent financial adviser to help you assess which debt management solution is best for your circumstances. However, there are a variety of debt management solutions available.

You can consolidate your debts using a variety of methods:

• Secured loans

  Secured loans work by lending a large sum of money at a lower interest rate. The rates are lower than unsecured loans as you need to put up some collateral to secure the loan - usually this is your home.

• Unsecured loans

  Unsecured loans are useful for borrowing smaller amounts of money, but often come with higher interest.

debt management solution

The Debt Counsellors at MRA are experts in helping people out of debt. To find the right Debt Management Solution for you, call 0800 612 92 23 and ask to speak to an adviser.

• Re-mortgaging

  If you have equity in your home, than re-mortgaging can let you release that equity.

• Individual voluntary arrangements (IVAs)

  IVAs are a legal process you can pursue if you have a significant debt problem. A reduced repayment programme is agreed with your creditors over a 5 year period. It is one step away from bankruptcy.

• Bankruptcy

  Bankruptcy is only suitable for people with severe debt problems. Although bankruptcy can leave you with a clean slate there are drawbacks - you may be restricted in what employment you can take up and be unable to borrow money or take out credit cards in the future.

For debt management solutions visit MRA Business Solutions at www.mradebthelp.co.uk, or call 0800 612 92 23.

For independent financial advice, visit our sister company Mike Robertson Associates at www.mraltd.com. You can email an independent financial adviser for professional help, or call 0870 803 1995.

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