- Major debt worries for 6.5m Brits - First Choice Finance
First Choice Finance - Mortgage Broker First Choice Finance Compare Home Owner Loans
First Choice Finance - Mortgage BrokerCompare Home Owner Loans

Major debt worries for 6.5m Brits

Major debt worries for 6.5m Brits

Many of us get money worries - get expert help if you are looking into consolidating your debts with a debt loan or debt consolidation remortgage - possibly helping to reduce your monthly outgoings and repairing your credit.


Video transcript

New research published by the Debt Advisory Centre has highlighted the crippling impact of debt on many households across the UK.

Research carried out by the organisation has revealed how as many as 6.5 million people worry about their debts either `all` or `most of the time`.

Overall, nine million Britons believe they currently face a problem with debt, with almost five million (56 per cent) stating they are regularly losing sleep over this issue.

Meanwhile, other negative impacts of debt reported by respondents to the poll included 55 per cent of people saying their quality of life has suffered, 53 per cent believe their mental health has been detrimentally affected and 31 per cent state the relationship with their partner has also been affected.

For 30 per cent of respondents, their physical health has worsened as a result of debt issues, while for 22 and 15 per cent respectively, relationships with family and friends have worsened.

Debt expert Melanie Taylor of the Debt Advisory Centre commented: `There are many different figures for the number of over indebted people.

`We took the simple approach of asking people if they thought they had a problem with debt and we were shocked to find one in five people say that they do.

`Debt isn`t just a financial crisis, it impacts almost every part of people`s lives, from their health to their relationships.`

Ms Taylor added that the best way to tackle debt problems is to simply talk about it.

With this in mind, some simple advice was offered by the organisation for those that find themselves facing excessive debts, with a focus on facing up to their issues and not letting the situation spiral out of hand.

The body recommends taking forthright action to get on top of debts, either by speaking to lenders directly or to a debt adviser.

Debt consolidation can be a positive means for tackling problem debts - helping borrowers to bring together all of their debts into one single, more manageable payment.

Individuals who feel they are snowed under with debt should consider contacting a professional adviser, who can talk them through the options that are open to them to address their worries. 

Homeowner Secured Loans
Rates From 7.1% APRC Representative Example £30,000 over 72 months @ £679.90 repayments. Total payable of £49,949. 20.1% APRC including £2,975 intermediary fee and a £995 lender fee. Loans secured on property. First Choice are tied to certain loan providers.

Mortgages & Remortgages
4.5% APRC
Representative Example: Borrow £80,000 over 25 years At 4.6% Variable, £461.95 for 300 months.
Total Payable £138,585. Total Cost Of Credit £58,585 (incl £1360 fee).

Unsecured Personal Loans
First Choice are tied to certain unsecured lenders.

Security is required on immovable property.

Established In 1988. Company Registration Number 2316399. Authorised & Regulated By The Financial Conduct Authority (FCA). Firm Reference Number 302981. Mortgages & Homeowner Secured Loans Are Secured On Your Home

First Choice Finance is a trading style of First Choice Funding Limited of The Old Courtyard, 103 Buxton Road, High Lane, Stockport, Cheshire. SK6 8DX. Copyright protected 2014-2018.

  Best Deals & Latest News

Could Debt Consolidation Help You

Release Equity Via A Remortgage or Loan

Loan To Value Free Calculator

Reasons Why Mortgages May Be Rejected

Remortgage With Bad Credit

Online Home Loans
Secured Loans and Remortgage Advice
Loan or Mortgage Application

Loan Plans

Mortgage and remortgages - Best Buys

Buy To Let Mortgage Lender

Are you looking for a?buy to let mortgage? Get expert help and no obligation free quotes from First Choice Finance with 25 years experience helping people find loans mortgages and remortgages.

Get the best mortgage as prices rise