Tuesday 1st July, 2008 Debt Consolidation News

Personal debt levels are 8% higher than they were 12 months ago credit charity claims today.

Credit Actions latest figures make for poor reading. In the last year personal debt levels have risen by £107 bn, making the grand total of personal debt in the UK £1,443 bn.

I you consider that the effects of the credit crunch were starting to bite this time last year which impacted on the availability of credit these figures make things more worrying.

The reality of these figures is that people are seeing debt consolidation as the only way to management their debt and that many are still living out with their means. Debt consolidation can be route out of a debt problem but for it to be successful their must be control of spending

There are other options available to those who have debt problems. Those who need help should seek professional advice from either the CAB or local government money advice or if they are too busy from a professional debt advice company.

Debtwatchdog, urges those who have a debt problem to address it immediately before things get worse.