• Latest
  • Trending
critical financial pain for people

Expensive debts are turning into critical financial pain for people

07/05/2019
Quick Ways to Get Followers on Instagram

Quick Ways to Get Followers on Instagram

27/05/2022

Start-up prep: Understanding the common pitfalls

10/05/2022
The standard 60/40 investment portfolio is dead: deVere CEO

The standard 60/40 investment portfolio is dead: deVere CEO

14/04/2022
Five of the Best Private Chefs & Catering Companies in Chamonix

Five of the Best Private Chefs & Catering Companies in Chamonix

03/03/2022
How fashion course help in fashion styling

How fashion course help in fashion styling

22/02/2022
Premier League matchday parking is almost double the cost of matchday parking in the Championship, new research reveals

Premier League matchday parking is almost double the cost of matchday parking in the Championship, new research reveals

08/02/2022
Why You Need an Updated Skincare Routine in the Winter

Why You Need an Updated Skincare Routine in the Winter

26/11/2021
Masham in Harrogate is the biker capital of the UK, new research reveals

Masham in Harrogate is the biker capital of the UK, new research reveals

17/11/2021
The British Brands Defined By Their Animal Association

The British Brands Defined By Their Animal Association

11/11/2021
5 Iconic Celeb-Inspired Shoe Trends We Can’t Resist

5 Iconic Celeb-Inspired Shoe Trends We Can’t Resist

10/11/2021
Top Reasons to Eat Superfoods

Top Reasons to Eat Superfoods

08/11/2021
A well-timed SMS will still be King of the Marketing Castle this Black Friday event

A well-timed SMS will still be King of the Marketing Castle this Black Friday event

08/11/2021
  • Authors
  • Write for us
  • Contact
Saturday, May 28, 2022
PostRadar
  • News
  • Business
    • Employment
    • Recruitment
    • Industrial
    • Marketing
  • Finance
    • Personal Finance
  • Property
    • Property Market
  • Lifestyle
    • Food & Drink
    • Healthcare
    • Consumer Advice
    • Fashion
    • Books
  • Travel
    • Tourism
  • Write for us
No Result
View All Result
  • News
  • Business
    • Employment
    • Recruitment
    • Industrial
    • Marketing
  • Finance
    • Personal Finance
  • Property
    • Property Market
  • Lifestyle
    • Food & Drink
    • Healthcare
    • Consumer Advice
    • Fashion
    • Books
  • Travel
    • Tourism
  • Write for us
No Result
View All Result
PostRadar
No Result
View All Result
Home Finance Debt

Expensive debts are turning into critical financial pain for people

Dan by Dan
07/05/2019
in Debt
25
12
SHARES
48
VIEWS
Share on FacebookShare on Twitter

These days people are used to spending on credit and this is the reason why the level debt is on such a hike. According to the current research done by moneysavingheroes.co.uk, people with higher debts are on the rise because of the unchecked spending habits and also people face expensive divorces and breakups which can be pretty dilutive, and in the worst-case scenario bad gambling habits can be deteriorative too. it also showed that most of the people are super worried that they may never be able to come up from their financial condition and in many cases, it may take almost around 10 or more years to pay off their debts.

Effects of excessive debt

These days debt and excessive owing can be disastrous not only for one’s financial conditions but also can harm one’s health and mental conditions. Excessive debt at higher interest rates lead to excessive costing of a product which costs way less, and also it can force one borrow from their savings and future funds. It can ruin relations and family binds and can also ruin external relationships. Having too much of amount as debt can lead to unattained life goals as one might not be able to fulfill their life objectives like owning a home and children’s education.

It is found that the conditions can be so damaging that they end lying about their financial conditions from their partners and family by having secretive bank accounts so as to hide the debts. Most of the people fear that they may never be able to clear out from their debts as they might have relied way too much on overdrafts, credit cards, and loans which are expensive to pay off. One-third of the surveyed people said that they have debt loans equivalent to £10,000 or more whereas the rest have average £6,500 as debt still pending.

The main reason

According to the research, only 1 person in 10 who have overdrawn their one or credit cards have said that they repay their monthly credit card dues in full and rest don’t which is the biggest reason why the rate of impending debt is so sky high.

Credit card is without any doubt the biggest reason why people are in debt and the second biggest reason being the store shopping cards. Unchecked spending through plastic leads to buying things which one cannot afford financial thus leading to bigger debt pits.

Among other reasons has been divorce, gambling, overdraft, and unemployment. As said by George Charles of moneysavingsheroes.co.uk, debt is inevitable and one will owe to financial institutions but when one pays off their debt in time and when one takes a loan or overdraw their cards only in an emergency then it is not a problem. However, the biggest problem is when people choose to lead an expensive lifestyle which cannot afford or take bad financial decisions which cannot see an end to.

One can take financial budgeting help from experts to keep a check on one’s debts and can also make sure the credit cards have spending caps to limit one’s spendings.

Share5Tweet3Share1

Related Posts

Relationship Between a Debtor and a Creditor

Debt, A Relationship Between a Debtor and a Creditor

10/05/2019
141
Monetary Setbacks Can Decrease Interest Rate Of Your Debt

Monetary Setbacks Can Decrease Interest Rate Of Your Debt

30/04/2019
28
No Result
View All Result

Looking for writing opportunities

Get in touch to find out more.

Start Writing

Latest News

  • Trending
  • Comments
  • Latest
TalkTalk

TalkTalk: How To Make Customer Services Listen To Your Complaint?

07/05/2019
Pensioners

Pensioners: 2019 First Quarter Performance Revealed

03/05/2019
American stock market

How the American stock market is being affected by the current presidential run of Donald Trump

10/05/2019
“Margaret Beaufort of Bourne, Collyweston, Maxey and Deeping: The Tudor Dynasty” by Margaret Wainwright is published

“Margaret Beaufort of Bourne, Collyweston, Maxey and Deeping: The Tudor Dynasty” by Margaret Wainwright is published

23/12/2020
DB Transfer Inflows

DB Transfer Inflows At BJ Bell Half Over 12 Months

Hertz Deposit

£500 Hertz Deposit that somehow went “Undetected”

Fuel Efficient Petrol Cars

The Most Fuel-Efficient Petrol Cars You Can Buy

New Tax Reforms

Buy To Let Business Took A Hit In London With The New Tax Reforms

Quick Ways to Get Followers on Instagram

Quick Ways to Get Followers on Instagram

27/05/2022

Start-up prep: Understanding the common pitfalls

10/05/2022
The standard 60/40 investment portfolio is dead: deVere CEO

The standard 60/40 investment portfolio is dead: deVere CEO

14/04/2022
Five of the Best Private Chefs & Catering Companies in Chamonix

Five of the Best Private Chefs & Catering Companies in Chamonix

03/03/2022

Quick Links

  • Home
  • Authors
  • Contact
  • Write for us
  • Sitemap

Browse By Topic

  • News
  • Business
  • Finance
  • Lifestyle
  • Entertainment
  • Politics
  • Property

Recent News

News

Quick Ways to Get Followers on Instagram

27/05/2022
8
Business

Start-up prep: Understanding the common pitfalls

10/05/2022
19

© 2019 PostRadar

No Result
View All Result
  • Write for us
  • Get in touch
  • Home
  • Topics
  • Business
  • Education
  • Energy
  • Entertainment
  • Finance
  • Legal
  • Lifestyle
  • Politics
  • Property
  • Science & Technology
  • Transport
  • Travel

© 2019 PostRadar.

Login to your account below

Forgotten Password?

Fill the forms bellow to register

*By registering into our website, you agree to the Terms & Conditions and Privacy Policy.
All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish.Accept Read More
Privacy & Cookies Policy

Privacy Overview

This website uses cookies to improve your experience while you navigate through the website. Out of these, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may affect your browsing experience.
Necessary
Always Enabled
Necessary cookies are absolutely essential for the website to function properly. This category only includes cookies that ensures basic functionalities and security features of the website. These cookies do not store any personal information.
Non-necessary
Any cookies that may not be particularly necessary for the website to function and is used specifically to collect user personal data via analytics, ads, other embedded contents are termed as non-necessary cookies. It is mandatory to procure user consent prior to running these cookies on your website.
SAVE & ACCEPT
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.