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If you want to make a change in 2010 you could start by looking at ways in which you could cut down your debt's dependency – talk to a specialist adverse mortgage adviser about reducing your debt's interest demands.

Debt can feel like a monster on your shoulder, taking your money every month, and taking more when it doesn't get enough – it can sometimes feel like your adverse debt is in charge of your bank account rather than yourself.

It's no surprise to find then that Britain's interest repayments on personal debt were £66.1bn in the last 12 months, according to debt charity CreditAction. It found that the average interest paid by each household on their total debt is approximately £2,621 each year – and according to PricewaterhouseCooper, the average household will need to spend approximately 15% of net income purely to service the interest payments arising from this debt.

That means the average Brit is working 3 or 4 days a week to just service their debts – and that number is going to rise as CreditAction says the average consumer borrowing via credit cards, motor and retail finance deals, overdrafts and unsecured personal loans has risen to £4,708 per average UK adult at the end of November 2009.

Talk to a mortgage adviser about ways in which you can reduce your debt outgoings. It might be through a debt rescheduling plan, consolidation or simply moving your finances to a new lender.

The time to act is now – CreditAction says that a whopping £181m is spent every day on debt. If debt grows, so does the levels of repayments demanded by the monster. And if those demands become too much, your home could be at risk. It is a reality – the debt charity says a person is being repossessed every 11.2 minutes in the UK now.

So get on the phone with a professional as soon as you can to make your debt monsters go away.

SOURCE: CreditAction, PwC, 06/01/10

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