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Consumer debt problems in the UK continue to grow

The Consumer Credit Counselling Service has revealed a 25% increase in calls during 2009 to a record 335,000. However, while it is encouraging to see people making use of various debt advisory services it is concerning that just 25% of those who called the Consumer Credit Counselling Service were in a position to repay their debts. This leaves a massive 75% drowning under increasing debt and the pressures which come with these very difficult situations.

However, the Consumer Credit Counselling Service is set to launch a new repayment plan this Easter which will see those with at least two unsecured debts given the opportunity to pay just one pound a month towards these debts, for six months, in order to give them time to reorganise their assets. If the six-month window is created this will be of massive assistance for those in financial trouble and while some may eventually need to go down the route of IVAs, trust deeds or bankruptcy, at least they will be given more time to make the right decision.

Even if the UK economy was to return to boom times tomorrow, the credit crunch and the worldwide recession have left many homes and many businesses in significant financial trouble. These are the people who will never ever forget the recent downturn, which may impact upon their lives for many years to come.

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