Debt Facts

You are not alone. Millions of other British people are faced with the same debt problems. In Britain, unlike many other European countries, our culture encourages us to live life for today and this is reflected in the ease of accessibility to loans and credit cards. Most Britons find themselves in a debt situation as a result of taking one loan to cover the next. It usually starts with credit cards, which are so readily dished out here in the UK. Once the credit limit is reached on the first card, the second card is applied for so forth until the credit agencies refuse further applications. By this time, most Britons are up to £20,000 in debt. They then opt to take out a cheap loan to consolidate the £20,000 debt and this is again repeated a few times before the loan companies refuse further loan applications. At this point, people find themselves with large debts that they cannot afford to pay on a monthly basis.

Here are some facts:

• Consumer debt now exceeds £1 trillion.
• British people owe more than £1,000 billion on cards, mortgages and loans.
• To make things worse, 80% of debt is secured againt our homes.
• Over six million households are struggling to make ends meet due to their debt.
• Since 2000, 44% more people are seeking help to sort out their debt.
• Unbelievable but true that personal debts of £100,000 are becoming the norm.