Why do you have to pay off your debts?
These days, using credit is a reality for most adults. In fact almost anyone can find themselves in debt, regardless of income, social background or occupation.
We know that sometimes honouring your repayments is not always at the top of your priority list, however it can more beneficial than you think…
Check out why repaying your debt can make your life easier…
It is well known that over-indebtedness is a source of stress. Studies have shown that stress is extremely common in over-indebted people. For example, according to a Money Advice Service survey conducted in the UK, there is a strong link between debt and mental health levels: Figures show that among those currently in debt, two-fifths (38%) felt anxious and a third (34%) suffered from stress, depression (29%) or mood swings (21%).
Once you have repaid your loans... you'll only have your usual bills to pay and you can start saving or spending your money on things you really care about. The best thing you can do to reduce your stress is to start with setting up a payment plan.
Accessing new credit while being in debt is usually complicated. By being free of any debt, you will be able to improve your credit score and find more appealing credit options in the future.
To be over-indebted is to have fewer opportunities to enjoy life. By paying off your debts, you can start planning expenses for your little pleasures – your summer holiday for example, or new hobbies. You can build a brighter financial future, right now.
We support our clients and can help you pay off your debts and get your finances back on track. Take the first step today by setting up a repayment plan on our website here.
It's hard to take care of yourself when you’re experiencing financial difficulties. Yet, taking a moment for yourself, and taking care of your mental health is part of the inevitable process in getting you back on the right track of financial stability.
Not everyone has the chance to learn about budgeting, so if the area of budgeting is uncharted territory for you, our advice below may be helpful for your situation.