MANCHESTER, England, July 16, 2012 /PRNewswire/ --
It appears that debt is on the rise again and the latest figures have suggested that we are relying on our credit cards more and more. The numbers are up on last year, with a study by the Finance and Leasing Association (FLA) suggesting that members lent an additional one per cent on cards and loans in May 2012 compared with May 2011.
The findings suggested that borrowing was up a total of nine per cent on last year for May when other forms of credit were taken on board, including car finance, mortgages and in-store credit. This is one of the reasons why debt management companies like Harrington Brooks Ltd have recently seen an increase in demand for their services.
Evidently the personal implications of wider financial concerns in the UK are taking their toll on people who are seeking more ways of obtaining credit in spite of the dangers associated with increasing debt. This situation is likely to continue given the persistent uncertainty surrounding the financial services sector, made worse by recent revelations of malpractice in the banking industry.
Harrington Brooks Ltd specialises in helping people find a way out of debt by offering individually tailored debt management plans and impartial advice. Increasing levels of personal debt only add weight to the importance of expert guidance when it comes to the management of personal finances and hazards associated with various forms of credit.
The firm stresses that flexibility and affordability must be at the heart of plans designed to ease the debt concerns of members of the British public on a personal level, irrespective of the fortunes of the wider national and international communities.
Once people are in a position to manage their own finances more effectively, it may free them from a reliance on plastic and other forms of credit allowing borrowing figures to finally fall.
SOURCE Harrington Brooks Ltd