There are solutions for all kinds of debts but people often go into denial or think their situation is helpless, and that just makes the problem worse.
(PRWEB) March 26, 2006
The Debt Help Site warns that UK residents should deal with their debts now to improve their financial stability and safeguard their future.
There are unprecedented levels of personal debt in the UK, with the total exceeding £1 trillion. There are also record bankruptcy figures, with the most recent Official Insolvency Statistics showing a year-on-year rise of 38%.
Credit card debt is rising all the time, with the Debt Help Site Annual UK Debt Survey 2006 showing that 91% of people seeking advice on their debts owe money through credit cards.
The same survey shows that 63.3% of people in serious debt believe they have suffered health problems as a direct result of their financial arrears.
However, according to the Debt Help Site, the UK's serious debt problem could become a real crisis if the economy suffers a downturn.
Terry Galvin, editor of the website, says: "The worrying thing is that at the moment the background of all this personal debt is relative economic stability with high employment and low interest rates. However, a change for the worse in either or both of those factors could really precipitate a crisis.
"Not only are there millions of people with serious debts, with property prices so high there are also many people who have overstretched themselves with their mortgage and are barely managing. Any kind of economic downturn is going to see them struggling with debts too."
With that in mind, Galvin strongly recommends that any kind of debt problem is tackled immediately for the sake of the present and the future.
He says: "It doesn't matter how trivial or serious a debt problem seems. It can and should be dealt with right away.
"There are solutions for all kinds of debts but people often go into denial or think their situation is helpless, and that just makes the problem worse."
Galvin adds: "Anyone with debts should seek professional debt counselling to deal with the situation and find the best way to become debt free again."
For more information visit http://www.debthelpsite.net
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