We all know about debt and what can be considered good and what is considered bad – but do any of us really know how to diagnose our debt properly?
Payplan recently released some statistics alongside the launch of their Diagnose Your Debt tool and the results were very interesting to say the least. Payplan have spent over 20 years helping people with their debts and offering free comprehensive guidance to those who need it. Their research shows that debt continues to be a problem for a significant portion of the UK and Payplan want to help make people aware of the situation they are in.
The data revealed that:
- The UK’s average debt was £16,753
- The average age of people seeking debt help is 43
- There was a 50/50% split between male and female referrals
Essex was revealed as the county with the highest average debt in the UK. According to the data, 1,212 people from the area used the PayPlan service throughout 2015 with their average debt coming to £18,508. London was revealed as the section with the highest number of referrals in 2015, the total coming to 2,783. At the launch, Money Advice Consultant Jane Clack, from PayPlan commented “Although these results show that the UK still has a problem with debt, more and more people are taking the brave and important step of facing up to the issue and seeking professional help.”
The Diagnose Your Debt calculator is an easy to use tool which helps establish your relationship with debt and what steps you need to take. Confronting a debt problem can be a tricky step and Payplan are there to make the journey a little easier for you. I’ve mentioned before that I have had problems with debt at times in my life, here on this very blog, and I am actually going to take some advice from them myself for the remaining debt I have. It is a big step to take, I know this – but it is something I need to do as freelance work isn’t always booming and sometimes months are a little lean.
I think the tool is very useful – it has a number of simple yes or no questions so you don’t have to go into too much detail about your debt at the time, you can just find out where you stand and what steps you need to take. Whether you have a small amount of debt or a large amount of debt, this tool would be handy for anyone who wants to gain a better understanding of their finances.
If you or someone you love is struggling with debt, please do take a look at this tool – it will be tough to take that first step but you really won’t regret it. It is time to get back to living your life, rather than worrying.
