UK £10 Billion Black Hole of Debt is False

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The true debt burden in the UK is over £1000 Billion and not the £10 Billion recently quoted.

Chancellor of the Exchequer Gordon Brown gave his pre-budget report this week and according to the Institute for Fiscal Studies, Britain has a £10 billion black hole between spending and tax collection. Those figures pale into insignificance when compared against the average debt of £16,591.81 for every consumer in Britain, equating to over £1 trillion.

The Paris-based Organisation for Economic Co-operation and Development (OECD) has warned that interest rates may have to rise three times - inflicting serious pain on homeowners, who are seeing the value of their property slipping in several parts of the country. This will only increase the personal debt problem leaving many in a financial quandary.

"Consumer debt is increasing, house prices are falling and interest rates starting to rise again placing Britons in the vicious cycle of further borrowing trying to rid themselves of a debt hell," says Rachel O'Rourke, marketing manager for http://www.sosdebt.co.uk/

O Rourke continues, "But there is a way to eliminate debt without borrowing. Debt Management professionals, regulated by the Department of Trade and Industry, offer a solution by working with creditors on the consumers behalf. By offering a guarantee, SOS Debt is able to eliminate the hell hole of debt stress and allow our customers to start to enjoy life again."

Personal debt through credit card borrowing, mortgages, personal loans or store cards can be eliminated and the worry of over £16,000 worth of a negative bank balance can be gone giving the freedom of a fresh financial start.

SOS Debt is available at http://www.sosdebt.co.uk

About SOSDebt

SOSDebt are able to offer debt management solutions regulated by the Department of Trade and Industry, assisting in reducing the burden of debt.

Contact Information

Media Department

StrangeLogic.com Limited

Tel UK: +44 208 598 2280

E-mail: rachel@strangelogic.com

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Rachel O Rourke
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