Gregory Pennington - A actor ascent debts: acclaim cards prop up the roof over our heads

When mortgage or hire payments are a problem, acclaim cards are not the answer.

A contempo analysis by civic alms Shelter shows that one actor British humans use a acclaim agenda to accomplish their hire or mortgage payments. Although this helps in the abbreviate term, the consistent absorption accuse alone add to the all-embracing debt, authoritative it added difficult to get from one payday to the next.

Director of casework at Community Housing Advice Service, Stuart Freeman sums it up: "There is such burden on people's budgets that paying your mortgage or hire by acclaim card, again paying that agenda with addition agenda is acceptable the barometer for abounding people. It leads to an anytime spiralling bewilderment of debt, and eventually the acclaim artlessly runs out."

The burden can be decidedly top for assertive groups: there are two actor homeowners extensive the end of their fixed-rate mortgages, animating themselves for an brief access of up to 30% in their mortgage payments. In far too abounding cases, acclaim cards can assume the alone way to accomplish ends meet, but this alone adds to a civic botheration that's affecting tenants too: as levels of apart debt ability new heights, so do the repayments.

"When someone’s acclaim repayments crop up too abundant of their income, their a lot of actual antecedence is abbreviation their account outgoings," says a agent for debt administration aggregation Gregory Pennington. "In the best term, they're analytic for an affordable way to pay off their apart debt as bound as possible."

Today, the company's Debt Management Programme is allowance over 40,000 homeowners and tenants accomplish both these goals. "We attending at what a applicant earns, what they owe and area the money goes. Once we accept the 'big picture', we can accommodate bigger with their creditors, allurement them to access lower payments and benumb absorption charges, area possible."

"By bringing clients' apart debts beneath control, the Debt Management Programme frees up the banknote they charge for hire or mortgage payments and added antecedence debts, so they're not affected to crop out added credit."

And Gregory Pennington accent that Debt Management is just one aspect in a absolute ambit of solutions: "As allotment of the Think Money Group, we action a complete amalgamation of banking services, from alliance loans and remortgages to IVAs and case accounts. We've begin that this 'one-stop shop' is what our barter want. When they're analytic for advice or advice, they charge to allocution to professionals who can advice them analyze their assorted options – and acquisition the band-aid that's appropriate for them."

Gregory Pennington PR contact
Melanie Taylor
Think Money – Gregory Pennington
Pennington House
Carolina Way
Manchester
M50 2ZY
0845 056 6480
www.gregorypennington.com/

Own details:
Melanie.Taylor@gregorypennington.com

About Gregory Pennington (www.gregorypennington.com/)

Gregory Pennington currently helps over 40,000 humans bright their debts through its Debt Management Programme. The aggregation is allotment of the Think Money Group, one of the UK’s arch banking solutions providers. Think Money is headquartered in Salford Quays, Manchester, and employs about 600 advisers to bear a absolute ambit of debt, accommodation and cyberbanking solutions. It defines its mission as ‘To educate, adjust and admonish on all aspects of banking management’. For added information, acquaintance Melanie.Taylor@gregorypennington.com (0845 056 6480) or appointment the Gregory Pennington website at www.gregorypennington.com/.