Latest Debt Counselors News -- Stress Increases as Interest Rate Hikes Bite

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Debt Counsellors offer free advice to help reduce the worry.

Debt Counsellors offer free advice to help reduce the worry.

With borrowing costs at a a six-year high up in July 2007 by a quarter-point to 5.75% -- the fifth rise in the last 12 months, rising debt and the need for debt consolidation is an urgent issue for individuals and families throughout a widening income range.

According to a recent report by the Legal Services Research Centre (LSRC) nearly 90% of debt clients interviewed reported worrying about debt problems 'most' or 'all' of the time. 48% of clients described the impact of problems on their health as 'great', and 43% felt that their heath had suffered 'to some extent'.

Further underlining the issue, a new survey commissioned by Samaritans and health insurer Medicash has confirmed that the biggest cause of stress for men and women is money -- at 50 per cent for men and 52 per cent for women -- with work second at 45 per cent for men and 32 per cent for women.

In a society where education and private house purchase demand the acceptance of staggering debt burden, getting smart about avoiding debt burden is essential. Debt in itself isn't good or bad - it's unmanagable interest rates and penalty account charges that really add to debt stress.

Finance industry sources indicate more than 4.1 million credit card bills (700,000 per month) have been missed in the first six months of 2007. There are many less obvious ways to reduce - and even avoid interest rates on credit cards and reducing credit card debt is typical of the advice often asked of The Debt Counsellors.

The Debt Counsellors have a wide range of advice to help those with debt problems navigate their way through the budgetting, debt consilidation and Individual Voluntary Arrangement (IVA) jungle to find a suitable debt management programme.

To get 'debt smart' and reduce debt stress please call The Debt Counsellors for expert debt advice absolutely free of charge by telephoning 0880 018 6081 or simply by navigating to The Debt Counsellors website and clicking 'Live chat'.

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Kevin Aston
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