Friday 2nd of October 2009
A debt management plan could be worth considering if you are in debt and struggling with finances, says moneysupermarket.com.
Tim Moss, head of loans and debt at the price comparison site, said: "There are some debt management companies who provide a genuinely positive service to those struggling with debt."
According to the recent Credit Action report, the average household debt in the UK - excluding mortgages - is £9,180, a figure that could be easily repaid under a debt management plan.
The plans are designed to drive down interest rates and monthly repayments, alleviating the stress on worried consumers.
Debt management plans are drawn up by financial experts and aim to prioritise creditors in order to remove the immediate threat to a debtor’s solvency.
Moneysupermarket.com are creating a database of trusted debt experts and Mr Moss continued: "It is important to speak to someone who will recommend the route forward that is most suitable for your needs."
By Ashley Littley
- Debt consolidation loans falling, figures show
- Britons 'changing attitudes' towards debt management
- Homeowners 'more concerned with debt management'
- Low interest rate 'contributing to debt management efforts'
- Debt management growing in importance, survey finds
- School uniform debt management 'a concern for parents'
