Experian, the global information company have produced more research into the stress caused by debt problems.  We at MRA Debt Help have been talking for a while now about the stress felt by our debt management clients, and the pressures that being in debt place upon the individuals.

Experian have labelled the term RSI - Recession Strain Injury.  They have attributed not only levels of stress to debt problems, but also physical strains too.  Aches and pains in the neck, shoulders, pins and needles, and lower back pain have all been noted as symptoms of the stress caused by debts. 

6.8 million britons feel they owe more than they can manage, with 9.7 million people feel that they are on the limit of what they can cope with.  Experian have plotted the areas that contain the highest percentages of peope suffering from debt stress, with Wales, Scotland and the Midlands coming off the worst.

They have also given this handy list of the most common symptoms felt by debt management client

- Neck, shoulder, arm pain
- Pins and needles in the hand
- Middle and lower back pain
- Poor posture
- High stress levels
- Low energy levels
- Exhaustion
- Difficulty sleeping
- General feelings of malaise

They also offer a way of controlling your debt stress, with the most obvious being to seek debt help!  Just talking about your debt worries to one of our debt counsellors can start the easig process, and a if appropriate, a debt management plan can help to lift the weight off your shoulders for a debt free, stress free life.

Debt management clients might start rejoicing at the thought of a current account that not only has no fees attached to it, but also pays up to 6% interest!  Hallelujah!  But, as always, Abbeys new current account comes with a catch.

It is unlikely that many clients suffering with debt problems will be able to take advantage of the offer. It is only available to current Abbey clients who already hold their mortgage wih the bank.

With some banks still charging up to £35 for bounced direct debits and cheques, Santander have put pressure on the other banks to follow suit with this Abbey account. 

In an amazing contrast to this, one of our debt counsellors was speaking to LloydsTSB re an unauthorised overdraft case yesterday and was told that the client would recieve charges of £20 per day.  Yes you read right £20 for every day that they are overdrawn. 

This figure was based on the client not having a debt management plan in place, so you can see the savings that could potentially be made by seeking debt advice from one of our debt counsellors!

A quick visit to the LloydsTSB website shows that an unauthorised overdraft of £100.01 will incur charges of £215 per month if it is not paid off!

A recent article in the Telegraph used figures from YouGov, to ask if people worried about their finances at work, and if they thought this affected their performance.

A huge percentage of the people surveyed said yes!  This is a theory that we have had at MRA Debt Help for a while, and have often cautioned employees, employers and doctors about the stress and anxiety caused by debt problems. 

YouGov's recent survey asked if people felt anxious about their finances.  80% agreed. 70% said that they have thought about their finances while they should be working, and 5% have taken time off work due to stress caused by debt problems.

MRA Debt Help offer a number of debt solutions, one of which is debt management plans.  We have recieved great feedback from our debt management clients, who have had a weight lifted off their shoulders by taking on MRA Debt Help to manage their unsecured debt.

MRA Debt Help can act on your behalf, and may negotiate affordable, smaller monthly payments.  To speak to one of our debt counsellors call 01424 777156

Its that time of year, when we normally throw out our debt worries to spend our wages on Christmas presents and turkey.  At MRA debt help, we often see a drop in the numbers of people seeking debt help over the next few weeks, ready for the post Christmas rush. 

It is important not to get too caught up in the festive period.  We are not trying to be scrooges (bah, humbug) but we often see debt management clients come to us in late January or early February, after having over extended their credit. 

Simple budgeting techniques can help keep you debt free after Christmas.  Before starting your Christmas shopping, woirk out how much you can actually afford to spend in total.  Now you can work out how much you can afford to spend on each person, and on your big fat Christmas lunch!

Now you have your budget, don't be tempted to go over it, or a debt management plan might be just round the corner!  There are lots of ways to find cheap or free Christmas present ideas.  Have you noticed how expensive Christmas cards have got now?  Pop into your local craft shop and see how cheaply you can make your own - its amazing how much more people appreciate the effort thats gone into it too!

Making simple baskets and hampers can also be easy ways to cut down on the Christmas expense.  If there are presents that you just cant live without, then websites such as eBay, kelkoo and amazon can all help you to reduce the cost!

If you end up spending more than you can afford over Christmas, then give MRA Debt Help a call on 01424 777156 to speak to one of our debt counsellors.

As debt management specialists we don't really like credit cards.  Sometimes credit cards can have a place in a structured debt help plan, but they often have such high interest rates that they can be the most expensive form of credit for most people. 

The Times have published this week a list of the 10 best and worst credit cards, so we thought we'd have a look and see if we agreed. 

Top of the Times 'best' list was the John Lewis Partnership Card.  With a good customer satisfaction mark of 88%.  It does have an apr of 16.9%, which is a little high - a quick comparison check reveals a large number of cards that offer an apr of 15.9%.  It shows that you get what you pay for as most of these appear in the Times 'worst' list!

If you are struggling with your credit cards, and keep 'robbing peter to pay paul' then call MRA Debt Help on 01424 777156, where one of our debt counsellors will be able to offer you debt advice and point on the way to a debtfree lifestyle.

It seems a while since I last brought you a synopsis of creditactions debt management statistics!  For those of you that are new to our debt blog, or have just forgotten, Credit Action are a national money education charity.  They produce figures every month regarding the numbers of insolvencies, reposessions, debt mangement plans, and total up how much debt we are in as a country!

They pull their results in from many organisations across the country, including the citizens advice bureaux, financial services authority, economists such as Ernst & Young, and loads more!

So...Whats been happening recently!  The total UK personal debt has heached £1459 billion, keeping a steady growth rate of 0.8%  Total lending in the UK rose by £0.7 billion, which shows a considerable slowdown from January 2008 - when total lending increased by £8.4 billion!

Those figures are so big that they don't often mean much to our debt management clients, but these next ones should be a little easier to visualise.  

The average household unsecured debt in the UK is £9161, but this figure increases to £21305 if you only look at households that have some form of unsecured debt. 

Including secured debt into the figures makes them even more interesting.  The average household debt in the UK including secured loans is £58340, meaning every UK adult owes on average £30,221 - or 133% of their average earnings.  The average mortgage balance is £110764.

Credit action go ont to give some other intersting information that would be interesting to both debt management companies and debt management clients alike, you can view the whole debt management statistics pdf on the creditaction website.

Are you losing your senses due to your debts? If you are seeking for a way to fight off your arrears, you can resort to a debt management plan. In UK you will find a number of other options like IVA or bankruptcy. However these are all formal routes. It is always good to go for a debt management plan which will be based on your priorities. For a perfect debt management plan, you will find innumerable debt management companies in UK. Your challenge is to reach out to the right one in order to clear your debts.

Generally a debt management company will help you to reduce your debt by managing your assets. A debt management company will deal with your creditors regarding interest rates and monthly payments. You will come across a number of advertisements on how to consolidate your debts into one or how to get a free debt management plan and so on. But how will you select the best option for yourself? Check out these tips:

•    While selecting a debt management company in UK, your situation will be deciding which program best matches your requirements. If you have selected a company, better study and investigate their program and choose one that has a good reputation. One indicator of a good debt management company is that they should be readily offering debt advice for free at the initial level.

•    It is essential for you to choose debt management companies having certified credit counsellors who are regulated by the National Foundation for Credit Counselling. You can refer to the Citizens Advice Bureau for more assistance.

•    It is seen that most debt management companies start their services with a counselling session. Here the counsellor goes through your credit file and thereafter offers the apt solution. You should deal with a debt counsellor who has passed the six standard certification tests to get accredited and at the same time have also undergone training.  If you select a good debt management company, you will surely get an extensive deal which will aim work for your benefit rather than balance removal.

•    Another option for you is to go for Open-Ended Credits. Here the counsellors will advise you to close all your credit cards or open-ended credits for better credit ratings in the future.

•    You must ensure that all your confidential information that you pass on to the company, should not be let out. These include your credit card number, social security number and others.

•    Debt management companies usually will charge you for their services. However, there are a number of government or charity debt counselling services in UK. They offer free services.

While selecting debt management companies in UK, there are 6 mistakes you should avoid. First is to avoid those cowboy debt advisors. UK is almost overflowing with debt management companies and these cowboy debt advisors will charge a high rate and in return you will get almost nothing. Rather they will trap you in a more serious trouble. Secondly, you must always check out for accreditations of these firms. Thirdly if you don’t go for an accredited firm, there can be a situation where the form might close down and your debt management programme is passed on or sold out to another firm. Fourthly, it is never advisable to neglect your debts. So get in touch with your creditors to avoid severe circumstances like being chased by rogue debt collectors. In the fifth place, never get carried away by flashy advertisements by firms that offer to reduce your monthly payments to half or so. Last but not the least, avoid firms that promises to clear or erase your credit history. Remember, no company can clear your credit file. It stays there for 6 years. This is a rule. Credit rating can only be improved. The original information is retained.