UK Debt Survey Reveals Debt Breakdown
The Debt Counsellors Annual UK Debt Survey 2006 has revealed how UK debt is broken down in serious debt cases.
(PRWEB) November 13, 2006 -- The Debt Counsellors Annual UK Debt Survey 2006 has shed light on the nature of UK debt and how it is distributed.
Polling people seeking help for serious debt problems, The Debt Counsellors Annual UK Debt Survey reveals that in 91% of cases, credit card debt played a part.
The next biggest culprit was personal loan debt, featuring in 81.7% of cases. Store cards, which usually carry much higher interest than normal credit cards, were partially responsible for the serious debt of 41.4% of those seeking help.
Mortgage debt featured in only 35.5% of cases, a relatively low percentage perhaps signifying the difficulty in getting on the property ladder with high property prices, especially where other forms of debt are present.
UK debt is a growing problem. The nation's personal debt total is over £1.25 trillion and growing by £1 million every four minutes.
John Porter, a senior counsellor with debt help experts The Debt Counsellors, said: "The Debt Counsellors Annual UK Debt Survey 2006 is very revealing as far as UK debt is concerned.
"Not surprisingly, debt through credit cards, personal loans and store cards features heavily. Part of the problem is the 'want now, pay later' culture. Credit is easy to come by but of course it is not nearly so easy to pay it back."
Porter adds: "It's clear that people have a problem getting on the property ladder and the existing debt doesn't help.
"However, debt solutions do exist, even for very serious cases of debt in the UK. The first thing anyone with debt problems should do is face up to it and get professional debt counselling."
Free, confidential advice on UK debt is available from The Debt Counsellors.
For more information, see http://www.debtcounsellors.co.uk
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