New figures have shown that growing debt is a problem around the country, with statistics showing a significant geographical distribution of debt.
The British Bankers` Association (BBA) and Council of Mortgage Lenders (CML) looked at over 9,000 postcodes and found that there was a wide distribution of debt across the UK, with Southampton`s average of £1,880 owed per person just pipping Peterborough, which itself was some way clear of Newcastle in third.
With two areas in London, as well as Preston, Leeds, Milton Keynes, Galashiels and Manchester rounding off the top ten, it`s clear to see that personal debt is something that everyone should be aware of from the south to the north.
These new figures come against a backdrop of Bank of England data which shows that total borrowing across the country reached a record high of £1.43 trillion last year, which could prove problematic if people lose track of their repayments.
If you have trouble paying back what you owe and own a property or pay a mortgage on one, a homeowner loan is one option that could be the answer to getting back in control of your finances. It can allow you to reorganise your personal debts such a loans, credit cards or store cards so that you just have one smaller payment to make each month on one combined loan over a longer term to ease your cashflow.
It is likely that you will ultimately pay back more interest as repayments will be spread over a longer period, so be aware of the total borrowing and only borrow what you need for your specific circumstances to get in the desired position. Homeowner secured loans are secured on your home so you need to treat them with the same caution as you would a remortgage or purchase mortgage as your home is used as security for all these types of borrowing.
If you want to explore homeowner loan options today visit firstchoicefinance.co.uk or call us on 0333 003 1505 on a mobile or 0800 298 3000 on your landline and speak directly to our finance team.
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