BOURNEMOUTH, England, June 18, 2012 /PRNewswire/ --
Personal debt in the UK is growing but Debt Line offers a way out
According to Credit Action, outstanding personal debt in the UK was £1,459 trillion at the end of April 2012. This astronomical figure actually represents an increase on March 2011, when personal debt stood at a collective £1,451 trillion, report UK debt management company Debt Line.
The UK's personal debt problem is huge; many families simply cannot cope and one of the biggest areas of concern is credit card debt. Unsecured lending on credit cards was £207 billion at the end of April and although this is a £3 billion drop from March 2011 the figure is still too high and it's putting pressure on families across the country that are struggling to pay off high-interest loans on credit and store cards.
As a nation, the UK likes to spend on plastic. In March this year the value of credit card purchases was £1,325 billion. Combining mortgages, car repayments and other loans, the average UK household pays £2,396 on interest every year.
It's not surprising that with such huge debt repayments, some families fall into arrears and end up owing even more. As a result their personal debt spirals out of control and before long debt collectors are calling and credit ratings are nose-diving.
Under these circumstances, the best course of action is to turn to Debt Line. Debt Line is a UK debt management company that is currently helping 18,968 people pay off 10,9023 debts. Debt Line will set up personalised repayment plans as part of its debt management services; it will set up one affordable monthly repayment to cover all outstanding debts; it will deal with credit card companies and repossession agencies on behalf of its clients; it will negotiate a freeze on all interest and charges and it will set up an online account to help its customers manage and deal with their debt.
Every four minutes and 35 seconds someone in the UK will be declared insolvent or bankrupt; Debt Line can help prevent its customers from becoming part of this statistic.
SOURCE Debt Line