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Debt Consolidation

As hopes that the UK economy could bounce back in 2009 continue to recede it seems highly likely that a significant number of the UK population will need to consider debt consolidation to address their financial situation. In traditional markets it should be possible for a great number of those with credit card loans, traditional loans and mortgages to consolidate their debts into one longer term payment scheme, but unfortunately we are not dealing in traditional markets.

In common with the mortgage market, it looks as though debt consolidation may only be available to a select number of the UK population potentially leaving many high and dry and needing to consider IVAs, trust deeds and potential bankruptcy. There are hopes that the debt consolidation market will begin to open up over the next 12 months but unless liquidity in the money markets increases this could be a forlorn hope.

The UK government has introduced a number of guidelines with regards to debt management including "breathing spaces" for those in mortgage arrears and unable to cover their credit card payments. While this is very helpful in the short term, the medium and longer term situation is still very difficult for a growing number of consumers in the UK. When you also consider the fact that unemployment is on the increase, there would appear to be much pain on the way for many across the country, unless they address their problems as soon as possible and take professional advice.

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