In the last few years, consumer debt in Britain has been spiralling: from credit card debt to large mortgage burdens, it seems that UK spenders have become a nation of borrowers. A recent article in the Guardian newspaper claimed that consumer debt is estimated to be rising by around 10 per cent per year - presently averaging nearly £27,000 for property-secured loans, with another £4400 on average for every person in the UK over 16.
This continuing love affair with credit has meant that a large number of people have suffered financial problems, from simple payment arrears to bankruptcy - and as a result, the number of people with bad credit histories has been rising rapidly. This means that should these consumers ever be in need of financial assistance in the future, they will find it much harder to gain assistance from conventional sources like banks and building societies.
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As a result, recent years have seen an increasing number of people in Britain turning to social lending. According to Michael Hulme, author of a recent report on social lending by the Social Future observatory, "For most people banking does not provide any form of rewarding or valued experience - it is simply a necessity."
However, if you find yourself in a situation where you have bad credit as a result of past CCJs or defaults, but are in need of financial assistance, there are a variety of financial institutions that can help you secure products, such as re-mortgages and secured loans. A secured loan is where the borrower offers their property as security; if the particular property offered as security is already mortgaged, the secured loan becomes known as the 'second charge'. Secured loans provide an excellent way for those with bad credit to borrow money. Because the property offers greater security for a lender, it often means lower or flexible interest rates can be offered in return. So, provided your repayments are managed effectively, you may end up paying less on your loan and getting ahead with your finances in the long run.
Providers of bad credit secured loans will consider your financial situation as well as your ability to repay the loan. Low APR secured loans can start with rates as low as 6.7 per cent APR, with the option to pay nothing at all for a deferred period. Furthermore, sources of bad credit loans might arrange convenient repayment terms that can last anytime from three to 25 years. So if your credit has been affected by rising levels of consumer debt or past financial mishaps, you can rest assured that you'll be able to find sources of financial assistance when you really need it.
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