Debt happens. It’s not something which occurs solely because you’re unlucky or maybe made some poor decisions, it can be a normal part of everyday life, and some debt may even be essential.
When debt is essential
Although many would regard all debt as being bad, this simply isn’t true. Often, we need to owe money for our lives to go anywhere. For example, without tuition fees, many of us wouldn’t have graduated from university. Furthermore, we would struggle to marry our partners without a little financial assistance, while a mortgage is usually essential to get on the property ladder.
Although these are big examples, debt can accumulate from the little things as well. From fixing broken appliances to just getting your rapidly growing children clothes, it’s very easy to owe money – and in many cases, that’s because you’re just living life.
Did you start 2020 in debt? Most people did
According to a recent survey, around five million Britons headed into 2020 with more than £10,000 of debt. Whether accumulated through credit cards, an overdraft facility, or from payday loans, this research helps highlight how common debt can be.
Problems only occur when these expenses start going into arrears and our financial situation becomes unmanageable. Mounting interest rates and charges can lead to persistent debt and the prospect of paying off your creditors in a reasonable amount of time can seem very unlikely indeed.
This situation, sadly, is also a common one and affects thousands of people every year. Fortunately, we’re here to tell you there’s no reason to feel ashamed.
Debt happens – and we’re here to help you do something about it.
