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According to the Halifax, average housing-related expenses rose by around a sixteenth (6%) in 2004/05, which is almost three times the general level of inflation. This fact doesn't surprise me, partly because the list of household bills is almost endless: mortgage/rent, council tax, credit and store cards, loans, gas, electricity, water, telephone, blah, blah, blah. I don't know how typical I am, but almost twenty regular payments leave my bank by Direct Debit or standing order. Of course, some of us have a larger number of bills than others, especially those people who are always borrowing to subsidise their lifestyle, or simply to make ends meet. Indeed, with non-mortgage debt rising by almost a billion pounds a month, we now owe a record £192 billion on top of our mortgage burden of £956 billion. Ouch! What's more, some of us manage our debts better than others; for example, roughly half of all credit-card users pay off their bill in full each month, avoiding interest along the way. On the other hand, as I warned in this article, there's been a hefty increase in the number of borrowers who owe, say, £50,000 or more, excluding mortgages. In response to growing concerns about debt problems, the BBC, financial watchdog the Financial Services Authority and credit reference agency Experian have teamed up to launch this free online Debt Test. All you have to do is answer seventeen quick questions about your personal circumstances and finances to receive feedback and advice on your borrowing situation. The Debt Test is quick, easy and user-friendly (it took me about two minutes to complete), so please do give it a go! Obviously, everyone's situation is different, so the test results are only an indicator, not an exact prediction, so not all of the suggestions might apply directly to you. However, the feedback page includes links to various excellent sources of free advice and help, which are well worth checking out. Also, if you fancy taking things further, you can take my quiz to see if you're a "credit junkie". Although, to be honest, if your bank account is always in the red at the end of the month, you keep applying for more and more credit, miss a few repayments now and then, or regularly withdraw cash on your credit cards, you probably already know that you have a problem with spending or borrowing! Finally, if you do worry about the dangers of drowning in debt, these articles will help: Also, you'll find more assistance in our Get Out of Debt centre, plus support and advice from people who've been there, done it and bought the T-shirt on our Dealing with Debt discussion board. More: Avoid interest with a 0% credit card! | Check out these Best Buy personal loans.
