Recent statistics released by Creditaction make interesting reading for Debt Counsellors, consumers and anyone interested in the debt management industry.
With UK personal debt now nearing £1.5 trillion there seems to be no let up in the amount of personal debt in thie UK, which increases by £1 million every 9 minutes.
With the average household paying approximately £3930 per year in interest to manage their debts, and the average houseprice having decreased by £95 every day since December 2007 its no surprise that an average 124 properties are repossesssed daily.
Debt consolidation is also proving to be a less desirable soulution, as almost 2/3 of people who take out a consolidation loan end up borrowing more. With 298 insolvencies every day in the third quarter of 2008, the CCCS received a whopping 41% increase in the number of calls relating to debt management to their offices in the last 4 months they are stretched to the limit, as are the Citizens advice bureaux.
If you are struggling with your repayments and are looking for a fast response on anything relating to debt management, speak to one of our debt counsellors, call MRA Debt Help on 01424 777156
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