Debt Consolidation Articles

By Cynthia Curry

It has been estimated that it would take on average 77 years for people asking Citizens Advice for help with debt to get back into the black, a report from the charity has said.
People were condemned to a "lifetime of poverty" burdened by debt, the charity said, with many unable to afford the fees payable for declaring bankruptcy.

On average, people seeking help from Citizens Advice were �13,153 in debt.
The charity said the number of people seeking counselling for credit card and loan debt had doubled in the past eight years., with 6,600 seeking advice on debt problems every day.
The Citizens Advice report stated that many of its clients were stuck in a spiral of low incomes and very high debts.

"Low income, combined with badly informed and poorly understood financial decisions, are at the root of many of our clients' debt problems," David Harker, Citizens Advice chief executive said.
"The reality is that they are condemned to a lifetime of poverty overshadowed by an inescapable burden of unpayable debt," he added.

New figures also show that debt enquiries to Citizens Advice Bureaux in England & Wales have hit a record high, increasing by 20% in 2006 and bringing the total to 1.7 million this year. The number of people bringing debt problems to the CAB has doubled in 10 years, with debt now the number one issued the CAB give advice on, accounting for 1 in 3 enquiries.

Consolidation loans are NOT the answer, as the majority of people who take out a personal loan to consolidate existing debts, go on to build up more debt and increase their struggle with finances and stress as a result.

Recent research shows 12.7 million people in Britain took out a loan to consolidate some or all of their existing borrowing. Worryingly, 8.4 million of those went on to build up even more debt.
A simple rule if you want to get out of debt, Don't Take Out More Loans or Credit!

Consolidation loans mean borrowing more money, over a longer period, and will mean more interest to pay. This could make your situation worse in the long run, certainly, you'll end up paying more.

Br particularly wary of taking out a loan secured on your home to consolidate debts you already have. Despite all those cozy ads on TV that make it seem harmless, effortless and friendly, you could lose your home if you don't keep up the payments.

If you want my advice in one word - DON'T!

I favour a radical approach to solving debt problems - Eliminate the Debt.
Very simple, very straightforward and up til now, a well kept secret in the world of the wealthy, and of the elite banking and financial worlds.

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The Ultimate Entrepreneur shows you how to cancel debt, clean up your credit rating, reduce your taxation burden and invest profitably. Never will you have seen a financial programme like this before.

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Cynthia Curry is an ordinary person who came across extraordinary information and now wants to put it into the hands of as many people as possible to help them get out of debt and exit the corrupt banking system.