Two out of three worried about the next 12 months

6 August 2008

Who needs debt advice? A Populus poll for The Times indicates that the answer could be ‘More and more people’ – it seems that today’s economic problems have seriously damaged our hopes for the coming months.

The question was this: ‘How do you think the economy will fare over the next year for you and your family?’

Back in 2003, 65% of people questioned had said they expected to do well over the coming 12 months, and just 35% thought they’d do badly. Today, the figures are almost exactly reversed, with 32% expecting to do well and 66% expecting to do badly.

We’ve almost grown used to bad news about the nation’s economy, but it seems the effects of the credit crunch, the mortgage crisis and dropping house prices are now affecting us as individuals. As a result, more and more people are worried about their finances. For anyone already struggling with debt problems, it’s a particularly worrying time – if they can only just manage their monthly debt repayments now, what will happen when their financial situation gets worse?

Time for debt advice?
Perhaps the only good news is that people are aware of the troubled times ahead. Anxious people are more likely to take steps to sort out their finances before it’s too late. They’re more likely to ask for help with their debts, whether that means taking advice from a debt expert or looking into professional debt solutions – a debt consolidation loan / mortgage, for example, or a debt management plan. For more serious debts (normally in the region of £15,000 or more), they might find that an IVA (Individual Voluntary Arrangement) is the best way out of debt.

Why so many different debt solutions?
Debt management, debt consolidation, IVAs, remortgages… to someone in debt, the sheer number of debt solutions available might be confusing, but they’re there for a good reason. Everyone’s situation is different, and the debt solution that’s right for one person may be totally inappropriate for another.

If you’re in debt, it’s essential to talk to a debt adviser before you sign up to any particular debt solution. Gregory Pennington, for example, has been providing free debt advice for 15 years and offers a wide range of different debt solutions to help people with different kinds of debt.

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Gregory Pennington is a member of DEMSA whose code of conduct is approved by the Office of Fair Trading.