Being in debt is a stressful situation and the level of debt in the UK is higher than ever before. Debt management plans are proving ever more popular amid claims that it takes us to the age of 50 to clear our non-mortgage debts.
Whether debt is the result of the credit crunch, ever increasing living costs, irresponsible spending or any number of reasons, financial experts are now warning that it takes us on average until our 50th birthday to clear our debts that are not related to a mortgage. With this in mind, many in 2008 will opt for a debt management plan in order to try and regain the reigns on runaway finances and look forward to a debt free future.
Debt Management – Getting in control of your finances
In terms of debt management, there are slight discrepancies between how long it takes men and women to become debt free. According to a report by Your Money Matters, the average man is in debt in the region of £12,600 and the average woman finds herself in arrears to the tune of £7,800. As a result of these differences, it takes men 52 years and 3 months for their debt to hit the magic zero mark and for women it takes 47 years and 2 months. However, many will find that by employing a debt management plan they will be really able to get a handle on their finances and clear debts at a rate that is financially viable for them.
Debt Management – Enjoying The Debt Free Future
Not only do women take less time to clear their debts, they also get more time to enjoy it as the fairer sex enjoy a longer life expectancy than their male counterparts. When it comes to debt management, by far the biggest expenditure laid out by people is their mortgage. The research conducted by Your Money Matters neglects to take mortgage arrears into account so the findings are slightly askew as research suggests that one in five pensioners still has £38,000 left to pay off on their mortgages. Debt management plans are increasingly being utilised by those who have spiralling debts as they make their debt more visible and gives them the opportunity to resolve their debts in manner which is financially manageable.
Speak To Varden Nuttall About Debt Management
Varden Nuttall has been established for over 15 years and is dedicated to helping people in financial difficulty find a debt management solution through an Individual Voluntary Arrangement (IVA). Employing 90 people, including trained and skilled IVA administrators, we are one of the largest IVA companies in the UK and handle over 3% of all IVA applications. To find out more about the company, or to make an appointment to talk about putting an IVA in place, call us today on 0870 977 8100 or fill in our online enquiry form.