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Debt Options UK Reacts To News: Debt Is Predicted To Rise

Top Quote Debt Options UK reacted to the news from Lovemoney.com that Britain's debt is predicted to rise in the next 12 months. End Quote
  • (1888PressRelease) July 24, 2010 - Debt Options UK reacted to news today that Britain's communal debt management obligations are predicted to rise in the next 12 months. Financial website Lovemoney.com's Head of Consumer Finance, Ed Bowsher, gave warnings that the slow economic recovery and rising unemployment could unavoidably increase UK debt problems. This news comes despite a recent trend of more consumers trying to find debt solutions as the nation still struggles to deal with the aftermath of the economic downturn.

    Credit Action has released figures indicating a slow down in the growth of UK consumer debt in the previous 12 months. The total UK debt of 1,460 billion outstrips the Gross Domestic Product, yet seemingly more consumers could find themselves needing the services of debt solutions companies should Ed Bowsher's predictions come true.

    Ed Bowsher also predicted that rising unemployment may negate any improvement in the nation's debt management efforts, as troubled consumers are forced to take out more credit. This echoes Debt Options UKs understanding of the kind of debt problems that can arise following a reduction in income, for example, after redundancy when people use borrowing to try to maintain their lifestyle. Additionally, the team are responsive to the personal stress and strain of living with unmanageable debt can bring after a change in circumstances. Redundancy can be part of the cycle that leads to consumers literally feeling unable to see a way forward with their debts and feeling too afraid to even begin to address the situation. In these situations, the team are able to offer immediate calm, professional advice to help people begin to manage their finances once more - unlike some other debt solutions firms, who will keep people waiting for up to several weeks for an appointment.

    Debt Options UK have also responded to recent trends by expanding their website to include interactive and immediate help for consumers alongside a wealth of relevant information. Consumers can call 7 days a week for immediate advice from a professional debt expert or email for a swift response. The team are not funded by or linked to any lenders, and work with all the major legal UK debt management options including IVAs, Trust Deeds, Debt Management Plans and bankruptcy. Although the current record rate of interest may be extremely low for borrowers, Ed Bowsher paints the national economic picture as likely to lead more people into escalating debt problems. The website provides detailed information on tackling debt problems addressing both the personal stress debt troubled consumers may be feeling and clear, detailed explanations of legal routes out of debt. More importantly, consumers can simply talk their situation through with a professional adviser straight away.

    Any consumer facing debt problems should call Debt Options UK for immediate advice on 0800 634 0525 or visit www.debtoptions.co.uk.

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