Debt Management

Debt Management

Debt Management

There is a growing demand for debt help and debt management (debt mgt) services throughout the UK as a result of the credit boom during the years prior to the recession. People had never had such easy access to credit in the form of credit cards, loans, store cards and overdrafts and therefore many spent way over their budgets without paying too much attention to how future repayments would be serviced. Since the recession kicked in, many of those that still had room left on their cards have been using this as a means of maintaining lifestyles even though redundancies are soaring, wages are lowering and unemployment is rising.

According to creditaction.org, there are 9000 people seeking debt advice or debt help through the Citizens Advice Bureau every day. It's no surprise that more and more debt mgt firms have appeared as the demand for both charity and private sector debt mgt services has escalated.

Most clients seeking detailed debt advice from licensed debt advisers will normally assume that charities such as the Citizens Advice Bureau, CCCS or National Debt Line will be the best place for impartial debt help or to assist with a debt mgt plan. However, as the demand for debt advice grows, the queues for the free charity services grow longer and more and more people turn to the professional debt help sector for assistance.

The professional debt mgt industry has recently come under scrutiny from the OFT who have declared the need to improve standards in order to assist those who are most vulnerable. This should all be good news for clients seeking debt mgt, debt advice, debt elimination programs and so forth as many private sector debt help firms will need to comply with vigorous industry standards or they will not be able to trade. Therefore, once the dust is settled, clients will be able to approach debt mgt companies in the professional sector with the confidence of knowing that these companies will be adhering to the highest possible standards in order to retain their consumer credit licenses.

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