Think of the sum of £6,000. It’s a large amount of money, even in this day and age – a figure you might associate with being able to buy some of the more expensive and exciting things in life such as several holidays or maybe even a car.
But for UK households, it has a rather less enticing meaning, as it is the average amount of debt that households in this part of the world are in, recent figures suggest.
More specifically, in June this year household debt was at a level of £5,986 on average, when mortgages were excluded from calculations, according to Credit Action.
Taking on debts can be incredibly useful at times, of course, when done in a responsible way.
The right loan or use of credit could be the difference between you being able to head on a holiday when you want to or not, or being able to get a car that you need to transport the family around to important events.
But we all know that we have to be careful about how much debt we take on, as well as how we deal with it once we have it.
Getting into too much debt can take its toll, not only on the person who took on the debts in the first place, but also on their family, who may even be the very people they have gone into debt to help.
One impact of course could be that you find yourself without the money you would like to have to buy other things, which could in turn impact your quality of life – and the choices you have.
Having debt that you are not on top of can be incredibly stressful. You can become worried about how you are going to pay off what you owe, and may even start to feel hopeless.
If your mood plummets, then the people around you will also feel the impact.
They may no longer be able to rely on you being in a good mood, and even when other parts of your life are going well, it could be that you feel unable to enjoy them or look after your family, because you face so much concern about financial issues.
If you feel that debt is a problem that is having an adverse financial impact, an impact on your emotions and perhaps even your heath, there’s one thing that it’s very important to do – take action.
If you fail to do anything about your situation, it’s likely it may not improve. Yet if you seek debt advice, you will at least know you’re getting some expert insight into what’s going on. The road ahead may still include problems, but you will have helped improve your prospects.
For example, you may have heard about consolidation loans. These can be useful when people have debt from a variety of different places, and may make it easier for you to keep on top of exactly what you owe, and what your financial situation is. There are a variety of places where such loans can be sourced.
However you manage it, getting rid of debt could help you in so many ways; It will make you feel financially better off and more secure, take away a feeling that you are not in control and could improve your emotional life.
When you look into it, you’ll find good debt advice is available from a variety of sources, such as Express Debt Solutions.