Debt management could be crucial to help tackle spiralling finances
Debt management could be crucial to help tackle spiralling finances
Tuesday 6th April 2010
Statistics released today by Credit Action show that the total for UK personal debt at the end of February 2010 stood at £1,464 billion, an increase of £2.1 billion compared to the previous month.
It also found that the 12-month growth was 0.9 per cent and confirms that consumers now officially owe more money on their debts than the country earns accumulatively through annual GDP.
The poll also reveals the extent to which individuals are in debt and highlights the need for personal debt management solutions and consolidation.
According to the research, the average UK adult owes £30,328, including mortgages, with the average household debt standing at £58,083.
However, with the individual figure equal to 132 per cent of average earnings, it is unlikely that consumers will be able to pay off the money owed without an effective debt management plan.
According to Credit Action, the growing national debt problem shows no signs of slowing down anytime soon.
Today alone the average household debt will increase by £0.44, with one person every 3.69 minutes declaring themselves bankrupt or insolvent.
It reveals that every working day, 1,000 people are seeking some form of formal debt management in a bid to rectify their finances.
With the UK population predicted to grow by 1,178 people a day over the next decade as more and more people continue to go into the red, the need for efficient debt management plans has perhaps never been so strong.
News article brought to you by Debt1 – UK debt management specialists
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