The Nation's households now owe an enormous £72.5 billion on credit cards.

£400m was added to credit card debt last November as Christmas approached.  New figures show that the Nation’s households now owe an enormous £72.5billion on credit cards.

The average unpaid debt on credit cards is £2.688 per household.

Experts have warned that using credit cards is one of the most expensive ways to borrow money. With the average unpaid debt ber household on the increase. This means more and more families are being left struggling with unmanageable piles of debt.

Despite worries over economic turmoil due to a possible no deal Brexit in the coming months the annual increase was still 7.9%.

The Bank of England published figures on Friday. They reveal that credit card debt now stands 24% higher than it did on the eve of the financial crash. Consumers are also paying off their cards at a higher average level of interest than in 2008. When adjusted for inflation, credit card debt is fractionally below a peak reached in Early 2010 as the country emerged from one of the deepest recessions in its history.

People on low incomes using credit cards more.

People on low incomes are using credit cards more and more to pay for essentials.  Credit cards have become more easily available and are being marketed heavily to customers.

This is not surprising.  For many families struggling with debt, there is little choice but to use credit cards.  Statistics show more and more families are finding the daily costs of living and household bills are beyond their incomes. They have little choice.

.When personal loans are added in, each UK household has almost £8,000 of outstanding consumer credit.

The Money Advice Service (MAS) estimates that 8.3 million people in the UK are over-indebted and that 22 percent of UK adults have less than £100 in savings, making them highly vulnerable to a financial shock such as losing their job or incurring unexpected bills.

“Shortage of good debt advisors.”

Debt charity figures have also shown that there is a shortage of good debt advisors.   The need for expert debt advice is more urgent than ever before.

The first step to getting help is always good expert advice.  “This is what families need. Getting the right help can turn lives around.”

Helping 1000s of people since 2007.

At Ramsey Lomax, we have been helping 1000s of people since 2007 to help them regain control of their finances.   Struggling with debt can be overwhelming. It can affect our whole lives. We understand how hard it is to take those first steps.

You are not alone.

But, talking to someone who understands and will never judge is the best way forward.  There is help available.  Call us for a friendly chat and let us see how we can help you. There is always a solution to debt.  Our expert advisors have years of experience in helping people and we are fully authorised and regulated by the FCA, so you can trust in our professionalism.  We will always put your interests first and do our very best to help you.

See how Ramsey can help.  

See if you qualify for an Individual Voluntary Arrangement. An IVA is a government-backed solution that could write of up to 80% of your debts.  Please read below for more information about other solutions that may be available to you.

Ramsey Lomax

Getting help with debt problems is ‘vital.’

Finding a good debt advisor is often a relief.  At Ramsey Lomax, we have years of experience in helping people.  One thing to remember is that your chat with our advisors is completely confidential, free and without obligation. For many of our clients just getting it off their chests and having a sympathetic ear to talk to can make all the difference. At Ramsey Lomax, we understand ‘financial fear’.  We have helped 1000’s of people to find a lasting solution to their debt.

Ramsey Lomax is fully authorised and regulated by the FCA, the Financial Conduct Authority. We also have a 5 star Trustpilot rating.

Taking that first step is not always easy but is a crucial step towards helping you to find financial freedom.

Who we are – RAMSEY LOMAX

Contact Ramsey Lomax here.