Northern Bath, Shoreditch in London and a few villages in Northumberland may benefit from using personal loans or secured loans loans to reorganise what they owe to lenders after they came out as the top three debt hotspots in the UK if they cannot keep on top of the repayments any other way.
The British Bankers` Association (BBA) has used data from leading banks and building societies to work out just how much outstanding debt we have by postcode, and BA1 9, EC1V 2 and NE66 4 all have more than £2,000 owing per person.
Next on the list came postcodes in Peterborough, Galashiels and just north of Newcastle, while LS17 in Leeds, Redhill in Surrey, M3 in Manchester and PR7 in Preston make up the rest of the top ten, with £1,355 per person being the smallest amount owed on average.
This kind of debt can bring with it a sizeable amount of interest which, if not served correctly, could cause the amount you owe to grow well past the original amount borrowed. If you then have multiple debt sources it can grow into a large monthly outgoing which you may struggle to service.
One way to deal with this if you cannot cope with the payments is a refinancing loan, where you`ll just have a single repayment to make each month, rather than multiple ones for various cards and loans. The amount you pay on a monthly basis will decrease as the idea is to improve your cashflow, although you will end up paying more in interest over the course of the longer loan, so only borrow what you need and pay off what you have to. Look at relative interest rates and pick out which items are costing you the most. These loans can be secured or unsecured depending on your circumstances, the amount wanted and your credit history.
Find out more without obligation at firstchoicefinance.co.uk or call us and speak to the team, its 0333 003 1505 on a mobile or 0800 298 3000 from a landline.
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