If you find yourself in a financial pickle after the festive season, don’t worry, you are not alone. As it turns out, millions of British citizens are struggling to catch up with their payments in the wake of the festive season. The BBC recently published a piece detailing the type of debt Britons were already in before the festive season commenced. The statistics show that the country has £22 billion outstanding in credit card debt…and then the spending began. Those figures must be astronomical by now!
In a poll hosted by YouGov, it was found that a large majority of the British population relied on credit cards to get through the festive season and that some credit card holders still missed payments on their household bills, just in order to “get by”. This is also mentioned in this article by Money Advice Trust. Of course, if you were one of these people getting yourself into further bad credit over the festive season, you will be living with the fear of being blacklisted looming over your head. And just when you start working out the figures, you are faced with the unavoidable fact that you need to start spending this year’s hard earned money on paying off 2019’s debts. Not a great start to the year, is it? No, but there is a light at the end of the tunnel.
There are ways that you can get your debt settled sooner and preserve your future credit rating. One option is to seek out loans for bad credit, so that you can either personally consolidate your debts and get everything paid off at once, or settle the highest outstanding debts to provide some financial relief.
What Type of Loans Can I Get With Bad Credit
Below are a few avenues you can investigate, if you wish to get a long term loan to help bad credit or simply need financial relief to get you through the start of the year.
If you are struggling to get a loan because of your poor credit rating, you can try to opt for a guarantor loan. There’s a catch though. You will need to have a spouse or family member sign as a guarantor, which means that they will cover the outstanding balance (be liable for) for you, if you default on your payments.Continue Reading