Debt Support Service Talk About Debt Offer Help Through Poetry

Over 100 years ago American Poet Paul Laurence Dunbar penned a poem called "The Debt." As the current global economical crisis tightens its grip, online discussion thanks to a global competition run by the online debt support website, is shedding some light on the gloom and helping people cope with their financial issues, through reading other users poetry that talks about debt openly.

London (PRWEB) November 6, 2008 -- Reading and writing poetry via the online support website Talk About Debt (http://www.talkaboutdebt.co.uk) has become a healing method for hundreds of people across the UK affected by the current financial climate.

Over 100 years ago American Poet Paul Laurence Dunbar penned a poem called "The Debt." As the current global economical crisis tightens its grip, online discussion thanks to a global competition run by the online debt support website, is shedding some light on the gloom and helping people cope with their financial issues, through reading other users poetry that talks about debt openly.

The competition prompted over 100 entries; with the top three, as voted by members of the Talk About Debt team awarded a monetary prize, the winner receiving £300. The winning poem "Auf Wiedersehen Debt," by Michael Weightman, discusses the emotional issues of debt and the importance of not forgetting the things that really matter to you like family and friends.

Michael a 22 year old journalism and arts graduate from Norbiton near Kingston upon Thames, is currently unemployed after finishing university and understands the pressures of debts and having no funds.

Michael said, "I feel that in the current economic climate people get caught up in the circus created by the credit crunch. We tend to forget what actually is important and only concentrate on money. It is undoubtedly a stressful time and we would prefer not to have to deal with it, but it's important to remember your friends, family, and partners that remain with you and are there to help.

"Normally when we are under pressure we take it out on the people we love and this creates unnecessary problems. I myself have had money worries, but with the support of those around me, I'm confident I will be able to get through it.

"I am delighted at winning the competition because the other poems were excellent and because I'm currently looking for work the prize money came in very handy. I love writing poetry and hope other people enjoy it."

Results released in the first half of 2008 by The Insolvency Service showed there were 49,817 individual insolvencies recorded in England and Wales on a seasonally adjusted basis, Scotland saw 80,180 and Northern Ireland 809, both of which were not seasonally adjusted.

Although the second quarter of the year saw a 2.0% decrease in people who were declared bankrupt or opted for an IVA (http://www.talkaboutdebt.co.uk/debt-solutions/iva) or Individual Voluntary Arrangement as a way of dealing with their debts, the period since August has seen severe market downturn.

Matthew Stone, co-founder of Talk About Debt said, "We predict that in response to the current financial crisis, the third quarter results released on Friday 7 November will show a significant increase. This is supported by the growth in our own web traffic and the number of people searching for debt help online in general.

"However, the number of Bankruptcies and IVA's only tell part of the story. Debt companies are negotiating and managing many more Debt Management Plans (http://www.talkaboutdebt.co.uk/debt-solutions/debt-management) than IVA's. These repayment plans are different to IVA's in that usually none of the debt is written off and the agreement is not legally binding. However, it is a serious debt solution and should be reported in order to get a true picture of the state of the economy.

"The quantity and quality of the responses to our call for poem entries was overwhelming and a great barometer of the health of nations personal finances. We hope the competition and the discussion forums on the site create a channel for dialogue and people read the poems and draw inspiration from them."

*Individual Insolvencies figures for Q2 2008 - http://www.insolvency.gov.uk/otherinformation/statistics/200805/index.htm

Third quarter increase in searches on 'Bankruptcy and IVA'

http://www.google.co.uk/trends?q=bankruptcy%2C+IVA%2C+debt&ctab=0&geo=GB&geor=all&date=2008&sort=0

Winning Poem

http://www.talkaboutdebt.co.uk/community/blog/poetry-competition-its-called-debt-free-poetry-inspire-action

Notes to editor:

Talk About Debt is an online debt support website that provides visitors free debt help resources and expert advice. Links to all major UK debt help organisations feature on the website and expert volunteers and community members wanting to share their experiences provide support. For further information about Talk About Debt contact visit the website www.talkaboutdebt.co.uk

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