Household debt improved ever since the start of the year

Research into family finances simply by insurance group Aviva found that household debt has grown by much more than £6,000 since the start of 2011.
The average family now has debts of £79,816, which is £6,126 more than the start of the year. However, it’s believed that this really is mostly due to an increase in mortgage borrowing, rather than a rise in unsecured debt.
The research has also found that family incomes dropped by 2 % between May and August this year and also the amount of cash people having in their savings has fallen by sixteen % within the same period of time.
Households who’ve got unsecured debt are spending 9 % of their income on monthly repayments, so more and more people at the moment are searching for a way to become debt free mainly because the cost of living increases.
If you’re concerned about your finances, there are a selection of options available to you depending on how much your debt is and also how many creditors you have. A debt management plan is a popular option as it’s a far more informal solution to your debt problem. It involves creating agreements along with your lenders to pay back money each month, depending on how much you can afford. This is a feasible option for quite a few families and may help you on your way to getting free of debt today.