Archive for the ‘Debt’ Category

Rough Financial Situations Call for Calm Intelligent Solutions

As the economy of the world continues to evolve, adjusting itself to the changing nature of the internet and all that it brings with it, billions of people from all around the world find themselves saddled with debt. This debt is a direct result of a consumer economy that saw massive fruition in the 1950s, when it first stabilized. The way things have changed with each passing decade since then, it is no wonder that so many people have found themselves deeply in need of bad credit loans to try and remedy their fiscal situation. The key here is that the times have changed faster than solid financial planning philosophies. The way things worked for one’s parents is no longer the way they work today. Gone are the days when loans, even large loans such as a mortgage, could expect to be paid down in a reasonable amount of time.

Wages have continued to fail the world’s workers, as well, creating a vast chasm between what the average person earns and what their costs of living are. Credit became freely available and people eventually got used to being able to bail themselves out if they paid down what they owed in the right order over time. This strategy is no longer effective when interest rates are hiked on credit cards immediately after getting a letter in the mail. This, combined with the fact that rental agencies and employers now grade a person’s viability as a renter or employee based on a credit report, has created a huge problem for those with significant debt.

Tough Economic Times in the UK Mean More Debtors Seeking Alternatives to Bankruptcy

Citizens of the UK are experiencing growing levels of debt as the nation descends further towards a state of economic recession. Growing numbers of Britons are falling victim to excessively aggressive product promotion in the once reserved country. While consumerism has flourished in Britain for many years, in the past advertisers relied on more subdued strategies to promote their goods and services. In an effort to mirror the successes of US advertising firms, British firms have begun to market much more aggressively and while doing so, the lending industry has stepped in to enable consumers to take on much higher levels of credit than was available in the past. This has lead many UK citizens towards debt as they find the ability to manage their financial situations decreases under severe pressure from marketers.

With bankruptcies on the rise, many in the UK who are struggling under financial burdens are turning to the other solutions available in that country.┬áDebt management and individual voluntary agreements are seeing increased use nationwide as indebted consumers seek a gentler means of reducing their debt to a manageable level that they can more easily pay off. Even British TV and film stars are experiencing trouble in the faltering economy, themselves turning to debt solutions in an effort to get themselves back to firm financial ground. Financial analysts are unclear as to how long this trend will last, but most economists now cite numbers showing that debt has been a problem for British consumers since at least the mid 1990′s when credit became far more accessible than in the past.