Press Release Author: James McAlonan - First Step Finance
Industry: Consumer Services
Press Release Summary: This is an article designed to help all those who are thinking about retirement. It is for people aged 50-60 or anyone really with debt issues
Press Release Body: Over Fifties and Debt
The influx of Banks and building societies either collapsing or shrinking back to protect its assets will cause major setbacks for the over 50s. Already hit by problems in the pension industry, for most people carrying debts over into retirement age is no longer an option.
The average person of pre retirement age (50-60) now has an unsecured debt level of £41,000. That is over 25% higher than the national average for other age groups. If you take into account the fact that the trend for wage movement in this period is for income to reduce, it points at a situation that needs to be addressed today. Any surplus in income at the moment should be put aside for retirement which is a period ever increasing as today’s population enjoy a longer lifeterm.
Recent Figures suggest that even when people between 50-60 enter debt management plans it takes 18% longer to complete. In real terms that means it takes 11 years for the average person in this wage bracket to complete its debt management plan with Payplan.
Is this seriously an option then?
If not, what is?
Incredibly, for all those struggling with debt or financial obligations there is a solution - a way of clearing debts once and for all!
Many of the more unscrupulous banks and lenders cut corners as they encouraged you to go into debt. Surprisingly it is not just the back street lenders or small independent companies, the industry from the ground up has been at fault for years.
These are just some of the guilty parties and the fines imposed on them.
HFC (£1,085,000) Loans.co.uk (£455,000) GE Capitol (£610,000) Capitol One (£175,000) Land of Leather (£210,000)
Also, by not following the correct procedure, companies are having millions of pounds wiped off their balance sheets as debts are challenged in the courts. A select group of companies in the UK have been applying consumer credit law and eliminating client’s debts.
Surely this is the best way for people of all ages to assess their debt situation. Often the true level of debt is considerably lower than previously thought after a thorough financial audit. The 50-60 age group will find this invaluable. Not only is their debt removed at a far speedier rate but it actually clears the debt, allowing any surplus to go into retirement plans.
A debt consolidation loan by contrast may immediately clear the worst debts but that is replaced by a high interest medium to long term loan. Surely as retirement approaches and it is time to bring a close on the years spent working and helping the economy, an individual deserves to be able to relax financially. A consolidation loan will force many people back into part time work or worse fuel poverty where loans and bills etc are paid before heating costs.
The answer then, it seems, is to look at the enforceability of your credit agreements and find out if you are legally liable for your debt. If not an experienced firm like First Step Finance can help you. They can give a free financial audit to determine your true debt level. Once that is complete they can work along side you to design a bespoke debt elimination programme that will allow you to deal with the issue as painlessly as possible.
To find out more go to www.stepaway.org.uk, the home of First Step Finance.
Web Site: http://www.stepaway.org.uk
Contact Details: James McAlonan 0161 442 6344 james.mcalonan@stepaway.org.uk stepaway.org.uk
2022
