subject: Debt Management Services Might Help Pensioners With Financial Pressure [print this page] Financial Pressure Exacerbating Livings of Pensioners
According to the retirement income specialist MGM advantage, the average retired household, with the main occupant aged between 65 and 74 have to spend an extra 429 per year to maintain the same standard of living.
Since, the cost of living for the average home has increased by 670, or 1.85 per cent, it has become much difficult to cope with the current financial pressure. Especially the older people are facing very tough financial situation.
Debt Management Services A Only Hope For Pensioners
The number of UK families with an income below 12,000 are finding themselves in debt as they are forced to borrow amount to meet their rising heating costs.
However, the debts in UK are growing at an alarming rate and along with it bankruptcies and foreclosures are also heading forward.
Such critical phase could only be avoided with Debt Management Services which are generally provided by the management company especially for those whose debts are going out of control.
Therefore, when the debts tend to run out of hands or you find it difficult to keep up with repayments or you fall for missed payments then the management service is the best possible option to get them all back on tracks.
Here, the management companies work on your behalf as a negotiator and helps in consolidating all existing debt into a single affordable consolidated monthly payment. It also helps in reducing the interest rates and lowering monthly payments. Hence, relieves you from the level of stress that you were going through due to heavy debts.
Here, the debtor needs to keep one thing in mind that these services do not cater those who have already been through bankruptcy. Thus, the pensioners loaded with debts could certainly prevent themselves from falling into the most troublesome situation such as CCJs, reduced credit rating etc.
Advantages of debt management services
Since, the number of pensioners seeking debt management services have also observed a steep growth which on the contrary explains that people are going through the toughest phase of their lives. But, once opted for such solutions they are gifted with various advantages such as: They can pay lower amount every month in the form of a consolidated amount.
It becomes easier to meet lower interest rates as compared to keeping up with several bands of minimum payments.
Can pay off debts according to the priority basis.
Would have to face only one creditor to meeting up with all payments instead of dealing with numbers of lenders and
could certainly avoid oneself from falling into arrears. Therefore, the increasing pressure of mounting debts could easily be reaped and the debtor is totally set free from any calls from banks, bailiffs, credit card company or anyone else seeking amount.
Hence, debt management services tends to add value to life by reducing multiple payments into a single monthly payment at lower interest rates.
Debt Management Services Might Help Pensioners With Financial Pressure
By: Gracy Bonsu
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