Personal loans have grown four times faster than wages in the last three years, according to new stats.

The figures from UK Finance and research from the BBC shows that outstanding loans grew by 25% since 2013-14. The value of personal loans is now at £37bn – that’s up £7bn in just three years.

In comparison, average wages have grown by just 6.5% over the same period. That means that while people are borrowing more, their pay isn’t rising fast enough to afford it.

And with inflation at 3%, this means the cost of living is increasing too. So, with bills and loan repayments getting higher and wages staying low, it’s no surprise if you’re starting to struggle with your debts.

Can I get help with my personal loans?

Taking on more credit to pay off existing loans can sometimes lead to repayments you can’t afford. And if you start to miss payments and damage your credit score, you might start to find yourself turned down for credit.

If you need help with debt relating to a personal loan(s) or other unsecured debts, you can get in touch with Harrington Brooks by calling 0800 048 1764. You can speak to an advisor confidentially and free of charge about a range of debt and personal insolvency solutions. We are open 8am to 8pm Mon – Thurs and 9am -4.30pm Friday.

By speaking to us initially, you are under no obligation to use our services.

If you do choose one of our solutions, fees, terms and conditions will apply. There may be also be consequences including restrictions on your expenditure and on your ability to obtain future credit.

The services that we provide may be available at no cost from government and charity based providers. You can get further information at the Money Advice Service website.

What Harrington Brooks can do

Last year, Harrington Brooks was granted full authorisation by the Financial Conduct Authority (FCA). This means that the FCA confirmed that we met the high standards it wanted to see in all debt management firms.

These standards included fair and transparent fees, providing suitable advice, fully trained employees and a business model that focused on delivering the best outcomes for the customer – helping them move towards a place of sustainable financial wellbeing.

All authorised debt management firms have been through this strict FCA authorisation process – that means free advice providers and commercial debt management firms alike.

With an increase in the numbers of people seeking debt advice likely, Harrington Brooks is open for business and ready to provide clear and helpful debt advice for people struggling with paying their bills and with debt problems.