Debt and debt service for parents

Three quarters of parents are in debt in the form of loans, the debts of credit card and bank accounts for the 'families and the credit crisis, in 2008, a report in November by the Family and Parenting Institute, published on the basis a YouGov poll of over 5,000 parents.

The average debt, it seems, is £ 8400, but parents not only of money owed by the company - according to the survey, a full 25% have borrowed money from (or given the money) their parents in the pastYear.

The study also indicated some of the most disturbing. For example: 1 / 4 that the parents find their family income was not sufficient to pay the monthly bills that 1 in 10 are worried about the main breadwinner in the house, to be released within the next 6 months, and 3, 6% of parents thought with a mortgage, it is very likely or somewhat likely that their homes would be withdrawn over the next few years.

Against the backdrop of record personal debt, parents are particularlyworried about paying the bills for heating (47%), with the rent or mortgage (36%), and the payment of food expenditure (31%).

Mary MacLeod, chief executive of the Family and Parenting Institute: "Families up and down the country is difficult to balance their budgets. Many also have a heavy debt load. Parents say they feel under stress, as evidenced by their dress and act eat and to find the children still need to cut money for school trips, which manage their income. This can lead to a significantStrain the relationship. Another variety is the widespread fear that they are without a job or even lose their house is. "

"With the high cost of the lifestyle of today, record levels of debt and worried about the nation's economic health," said a spokesman for the debt advisers direct, "is not a surprise that we hear those answers gloomy surveys like this .

"It could be, however, the solutions of the debt, which could help reduce some parents, their monthly expenses. A debt consolidation loan, debtManagement plan or IVA (Individual Voluntary Agreement), for example, could help bring spending back in line with their income. "

Though debt consolidation, debt management and Ivas deal with all unsecured debts (unsecured loans, overdrafts, credit cards, etc.), can still help people keep up with payments on their debts secured (mortgages, loans, etc.).

With debt consolidation, for example, people actually pay their existing debts and unsecuredentering a single new loan large enough for everyone to go away in a pay. This allows them to organize for the new loan at an interest rate that can afford to repay the money to clear their debts to secured and other essential expenses.

With IVAS and professional debt management plans, calls to experts in the borrower's debt negotiate with their creditors, asking them to accept lower payments more affordable.
IVAS and professional debt management plans debt solutions are very different, butthey have in common: if creditors accept the conditions for the individual to agree to pay as much as (in their total disposable income so that it can) each month, the creditors agree to accept that, even if it is less than monthly payments originally agreed.

Plans for debt management, debt consolidation loans and Ivas are very different, and people adapt to different situations - so if someone is in debt problems, the first thing you should do, seek professionalAdvice debt by an organization that truly understands the pros and cons of each. "

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