Debt Problems Revealed by New Debt Counsellors Survey

More than half of people seeking help for their debt problems have debts of over £15,000, according to The Debt Counsellors Annual UK Debt Survey 2007.

(PRWeb) February 1, 2007 -- The latest survey by debt help experts The Debt Counsellors shows that more than half of people seeking advice for their debt problems (http://www.debtcounsellors.co.uk/) have debts of over £15,000.

The Debt Counsellors Annual UK Debt Survey 2007 reveals that 57% of people seeking debt help owe between £15,001 and £100,000, and 12% have debts of over £50,000.

The majority of people seeking help for debt problems are female (55%), single, separated or divorced (53%), without children to support (56%) and between the ages of 25 and 44 (63%).

The survey also shows that 71% of those seeking professional debt help do not have a mortgage and the same percentage earn less than £20,000.

Credit cards are shown to be a major contributor to the debt problems of those seeking advice, with 26% owing between £5,001 and £15,000 on their plastic and 13% having credit card debt of £25,001-£100,000.

When it comes to apportioning blame, 67% admit they were personally responsible for their debt problems, 7% blame someone else while 26% say the events that caused their debt problems were beyond their control.

Bad financial planning is clearly a problem, with 65% admitting they were completely unprepared for hard times. The same percentage says they are 'extremely worried' about their debt problems and 67% believe their debts have caused them health problems.

John Porter, a senior counsellor with The Debt Counsellors, says the new survey throws a revealing light on the causes and nature of UK debt.

Porter said: "It is clear from looking at the results of the survey and comparing the levels of debt and income, many people are building up debts that are impossible to sustain.

"However, the positive thing is that these people have shown the good sense to get professional debt help, and anyone worried about their debts should do the same."

Porter adds: "There are debt solutions for even the most serious cases and legal processes such as the IVA, or Individual Voluntary Arrangement, can often help people with debts of over £15,000.

"The best way to find out more about these debt solutions is to speak to a professional debt counsellor."

The Debt Counsellors offer free, confidential debt advice. For more information see http://www.debtcounsellors.co.uk/

###