Bankruptcy and Personal Debt Levels a Cause for Concern

Debt help organisation The Debt Counsellors say the latest bankruptcy figures and debt statistics show much of the personal debt in the UK is unsustainable and professional help should be sought by those affected.

A recent survey revealed that the UK is the most indebted nation in Western Europe. This, along with the latest bankruptcy figures, shows the seriousness of the personal debt problem and the need for people to take action, say debt help experts The Debt Counsellors.

A report by Datamonitor says the average Briton owes £3,175, excluding mortgages, compared with the average figure on the Continent of £1,588.

Not only are the personal debt levels high, but the fact that bankruptcy is rising sharply shows that the debt in many cases is unmanageable. It also shows that there is a lack of knowledge regarding debt solutions and avoiding bankruptcy, and that needs to be addressed.

The best way to find out more about them is to talk to a professional debt counsellor.

The Debt Counsellors believe these figures show that the current level of borrowing in the UK is unsustainable and that people with serious debt problems are often waiting too long to get professional help.

John Porter, a senior counsellor with The Debt Counsellors, says: “Not only are the personal debt levels high, but the fact that bankruptcy is rising sharply shows that the debt in many cases is unmanageable. It also shows that there is a lack of knowledge regarding debt solutions and avoiding bankruptcy, and that needs to be addressed.”

Porter stresses that anyone concerned about their debts or worried about the prospect of bankruptcy should seek professional debt help immediately.

He adds: “There are organisations such as The Debt Counsellors who offer free, confidential debt advice. There are many different ways to deal with debts and even in serious cases there are ways of avoiding bankruptcy, such as the Individual Voluntary Arrangement, or IVA.

“The best way to find out more about them is to talk to a professional debt counsellor.”

For more on dealing with debt and avoiding bankruptcy, visit http://www.debtcounsellors.co.uk

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