The insolvency professionals body R3 has issued a serious warning to anyone considering taking out a personal loan to pay for a holiday this year, saying that debt management problems could soon follow.
Research undertaken by R3 shows that as many as 1.8 million people borrowed money to fund a trip, getaway or summer holiday this year. In particular, the 18-24-year-old age group was the most likely to take this option to pay for holidays.
However, R3 warns that taking out a loan in order to go on holiday could result in severe debt management problems when people return home again.
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Manageable debt can easily spiral out of control when a person or family experiences a significant medical issue, layoff or other personal emergency. Overwhelming debt can leave debtors paying minimum balances, never getting ahead because of high interest rates and fees. Debt consolidation’s goal is paying off existing debt under a new program that ideally has lower rates.
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A new study commissioned by the Consumer Credit Counselling Service (CCCS) has found that in general, young British people are experiencing greater debt problems than before but are unable to build up assets as successfully as previous generations.
The report, which was entitled ‘The Debt and Generations Report’ and was produced by the think-tank known as the Financial Inclusion Centre, showed that as many as one million households containing young people aged 18 to 39 are struggling to cope with their debt problems. Researchers also identified a further 893,000 who could be “at risk” of developing debt management problems in the near future.
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Teachers struggling to make monthly payments on credit cards and other debts may consider debt consolidation. Debt consolidation pays off a variety of obligations, resulting in one monthly payment that’s lower than the individual monthly payments. The California Teachers Association recommends that teachers considering debt consolidation seek a loan with the lowest interest rate possible.
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A woman from Darlington has been jailed for 21 months after she was caught stealing from her employer.
Patricia Rose Parrott stole a total of £184,000 from the firm she worked for, Teesside Fluid Systems, over a period of five years. The 58-year-olds reason for doing so was apparently mounting debt problems, which she had inherited when her husband died 18 years previously. Since then, she had been struggling to make interest repayments and had a mountain of personal debt problems.
Parrott, who had been a loyal employee for 32 years, was able to commit the theft due to her position as a financial controller for the firm, which is based in Newton Aycliffe in County Durham.
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