Statistics can be very informative, but in certain cases they can also be extremely frightening. When it comes to the level of debt that UK society is in at the moment, the statistics fall into both categories. When you consider that the UK was in £1,363 billion of personal debt in July 2007, it comes as no surprise to learn that this is the highest level of debt ever and one of the reasons why individuals should seek out the best homeowner loans in an attempt to clear debt once and for all.
The best homeowner loans out there can help an individual to get financially straight by consolidating loans and freeing up equity in order to eliminate debts or bring them to a financially viable level. The best homeowner loans are actually designed for this purpose. With over 77 individuals being declared bankrupt every single day, it is essential that individuals explore all options available to them, with the best homeowner loans being one such option.
Over 2.1 million adults are struggling to make their debt repayments, and over 6.1 million are also in heavy debt and should consider themselves at risk in terms of the affordability of the repayments in the coming years. A survey actually revealed that over 18% of individuals are over £10,000 in debt. That figure is startling, especially when you consider the fact that it is unsecured debt rather than debt secured on property. In other words, these individuals probably had good or excellent credit ratings in the early stages of debt, and equally probable is the fact that they do not now. The best homeowner loans can help individuals to sort out their financial woes and get back into the black.
The beauty of the best homeowner loans is that they are repayable over a longer term. It can be anything up to twenty-five years, which would definitely ease the burden on an individual because repayments would settle at a manageable level. It is definitely an option worth considering in the face of these statistics.
About the Author
Jason Hulott is Business Development Director at Debt Consolidation Loans service, PolarLoans. Visit Polar Loans now for more information about Homeowner and Secured Loans.