The average adult now owes £33,000 through mortgages, credit cards and personal loans compared with £17,000 in 2000, the international accountancy firm PricewaterhouseCoopers claims. Continue reading…

First off, it’s important to always keep a good “cash cushion”. This is an emergency fund that you keep in an instant access bank or building society account so if you ever need money you can get it straight away. Keeping six to 12 months worth of expenditure in that account.
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Overpay, overpay, overpay! We cannot stress how much better off you will be if you overpay your Mortgage payments. By maintaining your payments you could save tens of thousands on interest over the term of the mortgage. However, you MUST check that you won’t suffer any penalty as a result of overpaying.
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For a lot of people, living with debt has become a fact of life. But even though debts are very common, they should never be ignored.

By addressing your debts and managing them better, you may also be able to bring your repayments down and take steps to eventually becoming debt free.
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It’s been proposed that by 2012 seven out of ten credit applications are likely to be rejected - For the millions of Britons who are currently getting by on plastic, this is obviously a pretty scary thought. What would our lives be like if we couldn’t use credit cards, or go into our overdrafts, or take out loans?
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