Debt management problems can be solved through history.

We have happily consumed a lot of credit without bad intensions, now our government and country are under obligation to pay back debt’s to other countries. As a result they look at consumers as their piggy banks to keep up to their obligations.....we’ve heard it all before...

We look at economy a government problem which relates back to us as a consumer. What’s different about the current recession compared to the previous one is that people already have personal debt management problems, whilst the bank of England is trying to pose as a good mediator on our behalf by “artificially” putting the interest on hold to 0.5%.

What happened in the previous recession?

• Debt management enquiries were rocketed and the fuel was that the interest rates went up to about 17%.

• Thousands of bankruptcies were filed

• Repossessions rocketed

• House prices crashed due to a lot of properties being put back on the market.

Today almost 1-3 houses have bad debts and are in need of some serious debt management help. Over the past 5-7 years we have consumed nothing but credit and now we are at that stage in history where there is a recession.

It’s down to individuals to plan their own debt management strategy simply by learning the lessons we were taught in the previous recession.

Don’t be fooled

We all know how Mervin King has done his best to keep interest at their lowest level. It’s only a matter of time when the announcement is made for interest to rise as some sort of strategy to tackle the country’s economy.
Unless you want to wait around and get told how this will affect you, some may find it helpful to plan ahead

If you are already struggling with unsecured debts then you may want to look at debt management options which help you.