Debts are not something you’re proud of, but they are almost necessary in life. If you want to start a business or buy an asset that’s not in your immediate salary range, then you’ll have to take a loan and finally that’ll turn into a debt.

Debts don’t necessarily have to crush you down. At Abelands Debt, we provide excellent financial advice to ensure you don’t fall victim to everlasting debts.

debt

In UK, the debt stats are a bit terrifying. About £1.516 trillion was owed in debt by December 2016, and there are about 1.6 million unemployed people.

Top sources of debt

Low income

This remains one of the most widespread killer of savings, not only in UK but all across the globe. Just think about it, taking a pay cut or getting a job with only half the amount you used to earn can really catch you off-guard. People normally have a hard time adjusting their lifestyles to their new income and end up taking loans and having debts.

Poor budgeting

This is another major culprit that makes one build up debts. Unfortunately, money management is not properly developed when one is young so people end up spending more than they should. If you’re a victim of poor budgeting, then it’s about time you start the practice. You need to analyse your spending and income to ensure that you properly manage your money well. Our experts can assist you in this.

Poor saving practice

Not having an emergency fund set up can also be a drag back whenever something goes wrong. Yes, it may seem a bit pessimistic to save up for emergencies but it’s something that can really get you out of debts. You won’t have to look for cash elsewhere if you’re emergency fund is loaded. Besides, you can save this money in a high interest savings account.

Dealing with debts

We’ve helped thousands of people overcome their debts problems, and with the years of experience that we’ve got, you can be assured that we will assist you. Contact us for any financial advice, whether you’re planning on paying off that logbook loan from simplelogbookloan.co.uk or you just need to plan out your business strategy.

Abelands Debt also offers financial help in form of loans and gives the best techniques of paying them back without falling into a debt spiral.