Debt Management - Necessary To Take The Right Assistance

Recent figures made available by the Credit Action Bureau regarding personal debt in the UK makes for disturbing reading

. It stands at a whopping 1,464 billion as of February this year, and represents a jump of 2.1 billion over January. This figure, when viewed in conjunction with the country's growth figure of just 0.9 per cent over the last year, officially confirms the fact that consumers now have more debt than the GDP earnings of the country - and that is definitely not very good news.

This study has brought home the fact that consumers are in desperate need of the right financial advice to manage their debt burden. This burden (including mortgage burden) now stands at an average of 58,083 and since this figure is quite high as compared to the earning power of an individual, it appears that without the help of an effective debt management plan, this position will not change in a hurry.

The need to seek expert advice on debt management has been recommended not only to get out of the current situation but also to ensure that consumers do not fall into such a financial mess again. Reports however indicate that many individuals in the UK are chary about seeking this kind of a help due to the social stigma attached to it, but they must understand that ignoring the issue may only make it worse over time and make it all the more difficult for them to extricate themselves.

They have to take encouragement from the fact that they are not alone in this, and the economic slowdown has been one of the primary reasons for this situation to have developed. They also have to take comfort from the fact that this does not mean they have been careless in the manner they have managed their finances. The good news is that there are many good debt management service companies who would be able to counsel and work with them to ease the situation. It is never too late, and contacting a reputed company is the first step that they must take to resolve their debt problem.

by: Daniel Peden

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