Will debt hold you back in life?

It’s said that the average UK household now has almost £13,000 of debt – before you even take into account the cost of mortgages and property.

The cost of borrowing might well be low but that doesn’t mean that people haven’t got into trouble by taking on too much debt. Almost 250 people a day are declared insolvent or bankrupt – almost one every six minutes.

That’s not even counting those who have found themselves in trouble but have stopped short of insolvency – with a number of people opting for a  debt consolidation loan to help them out of a tricky situation.

Debt might well be an inevitable part of life for many people and, if managed properly, it needn’t lead to problems. But managing it properly is the crucial factor especially when, as this infographic shows, there are many moments throughout our lives in which we need money to be able to get on.

All of us needs to be aware of what the ‘financial lifecycle’ holds if we are to minimise the potential problem of debt.