Family debt improved since the start of the year

Research into family finances by insurance group Aviva found that household debt has risen by much more than £6,000 since the beginning of 2011.
The average family now has debts of £79,816, that is £6,126 more than the beginning of the year. Nevertheless, it is believed that this really is mainly due to an increase in mortgage borrowing, rather than an increase in unsecured debt.
The research also has discovered that family incomes dropped by 2 percent between May and August this year and also the amount of cash people having in their savings has dropped by 16 percent within the same period of time.
Families who’ve got unsecured debt are spending 9 percent of their income on monthly repayments, so more and more people are now hunting for a way to become debt free mainly because the living costs increases.
If you are concerned about your finances, there are a variety of different options available to you depending on how much your debt is and also how many creditors you’ve got. A debt management plan is a popular option as it is an even more informal solution to your debt problem. It involves making agreements with your lenders to pay back money each month, based on how much you can afford. This really is a feasible selection for quite a few families and can help you on your way to getting free from debt today.