Tag Archives: Gregory Pennington

Gregory Pennington

Bankruptcy, Checking & Savings, Financial, Financial Management, Financial Services, Financial Solutions, Loans, Money

The Sooner People Seek Professional Help In Managing Their Debts, The More Likely They’ll Be To Avoid Serious Debt

A survey by debt management company GregoryPennington.com indicates that today’s economic troubles may be encouraging people in debt to keep a closer eye on their finances.

Only 6% of those questioned saw their debt as unmanageable. Yet a full 35% of respondents who considered their debt manageable also declared they were unhappy with their financial situation.

A spokesperson from the debt management company commented: “In many ways, that 35% figure is actually a positive sign. It means people who aren’t actually struggling with debt are nonetheless aware that their finances could be better. They’re thinking beyond the present and considering the impact their debts could have on them in the future.”

That awareness is, in itself, a form of protection against financial problems in the future. “We always remind people that the sooner they seek professional help managing their debts, the more likely they’ll be to avoid serious debt altogether. Keeping a close eye on their finances is obviously key to this, as it enables them to take action at the first signs of trouble – and taking action in time can make all the difference between needing to make a few short-term lifestyle changes and being forced to live on a shoestring budget for a number of years.

“Perhaps this is one ‘silver lining’ to all the negative economic news we’re hearing these days. In good times, it’s tempting to assume that the good times will keep up. It’s human nature to focus on enjoying today when there’s no perceived threat of tomorrow being any different. But hearing all those gloomy predictions tends to make people think more about the future.”

No-one, however, has solved their financial problems by dwelling on them: “There’s little point in someone just worrying about their debts unless they take it a step further, making the necessary lifestyle changes and talking to a debt specialist about improving their financial situation.”

For people who do this before their debt becomes unmanageable, it may simply be a matter of cutting back on a few luxuries. “Nobody likes economising, but a few minutes with a calculator and pencil can prove beyond all doubt why it’s worth the effort. Exactly how they do it is up to the individual: some choose to reduce their spending to a bare minimum for a short time; others prefer to sacrifice just a few luxuries every month, even though this means their debt will take longer to clear.”

The important thing is to address their debts sooner, rather than later – while it’s still relatively easy to do: “Even if someone can comfortably manage their monthly debt repayments today, there are plenty of reasons to clear their debts at the earliest opportunity. Avoiding interest charges might be the most obvious reason, but interest isn’t the biggest threat: even small debts can rapidly escalate out of control if their situation takes a turn for the worse. If they lose their job, for example, finding that extra money every month might be all but impossible.”

Via EPR Network
More Financial press releases

Bankruptcy, Checking & Savings, Financial, Financial Management, Financial Services, Financial Solutions, Loans, Money

Financial Consequences Of An Expensive Holiday Can Outweigh Any Beneficial Effects

Responding to a study suggesting that a quarter of British adults have shelved their holiday plans to ease the strain of the credit crunch on their finances, debt management company Gregory Pennington (www.gregorypennington.com) have advised other people struggling with their finances to consider following suit and not risk getting into debt this summer.

The study from CreditExpert.co.uk, the online credit monitoring service from Experian, showed that 43% of those questioned were worried about the impact of a holiday on their finances, yet only 24% have changed their plans.

The study also claimed that 2.8 million British adults will get into debt in order to fund holidays this year – twice as many as this time last year.

A spokesperson for Gregory Pennington commented: “It’s encouraging that many people are considering changing their plans with regards to holidays this year, although it’s still a concern that so many people are still spending beyond their means.

“The relatively easy access to credit in recent years has meant it is now common for people to get into debt to fund expensive holidays, and this debt can become a serious burden if it’s not managed properly.”

The study also claims that 33% of those in the 18-24 age group say that peer pressure often forces them into holidays they cannot really afford. “This is a common problem,” says the Gregory Pennington spokesperson. “We live in a culture where we can take many things for granted, and it seems to many people that includes holidays. But if that involves racking up large debts, it might be best to carry on saving and maybe even wait until next year.”

Of the people attempting to cut back on holiday debts, it was revealed that 19 per cent would be sharing with family or friends in an attempt to cut costs. This figure rises to 37 per cent in the 18-24 age group.

The spokesperson commented: “Sharing is a good way of minimising holiday debts this summer, and some people may be able to avoid getting into debt entirely this way. Certainly, if you are still intending on going on holiday, we advise people to cut costs wherever possible, unless you are completely sure you can afford it.

“The credit crunch is putting pressure on most of us at this time, and there is the risk that unless you are very careful, you could arrive home with potentially unmanageable debts to deal with.”

The spokesperson went on to point out how easy it is to get into debt unintentionally. “Many people book holidays well in advance, up to a year in some cases. Much of this is done on credit, under the belief that they will be able to save up enough money in that time to cover the holiday.

“But the pressures of the credit crunch and rising costs of living mean that many people may be finding it much harder to pay for their holidays than they anticipated. If this happens, it doesn’t take long before the interest begins to add up and the debts could become unmanageable if they are not taken care of quickly.

“We advise anyone in this situation to contact an expert debt adviser, who can discuss your situation and help decide the best plan of action. There are various debt solutions available to suit different situations, including debt management plans, debt consolidation loans and IVAs. Choosing the right debt solution could help you cut down your monthly costs and prevent your debts from continuing to grow.”

Gregory Pennington (http://www.gregorypennington.com/) are a financial solutions company based in Salford Quays, Manchester. The company specialises in a range of financial services, including mortgages, loans, debt help and advice (including debt management plans, IVAs, and debt consolidation).

Via EPR Network
More Financial press releases