Ali
11-12-2004, 07:23 AM
Looks like the UK isn't much better off than the US (http://www.thisismoney.com/20041111/nm84553.html).
CONSUMER advice group Debt Free Direct has warned the UK’s debt problem is 'significantly greater' then previously estimated.
The Aim-listed company said one in three people is concerned about the impact of rising interest rates on their ability to pay off debts.
In a trading statement, it estimated 865,000 people have considered filing for bankruptcy.
Nearly 5m people spend more than they earn on a regular basis, with 2.5m doing so on a monthly basis.
Chief executive Andrew Redmond said: 'We are concerned that many people facing financial difficulties are not aware of the options open to them and choosing the wrong solution can actually increase their debt problem.'
The company said it has embarked on a recruitment drive to handle the increased number of cases it is dealing with.
It expects year-on-year sales to be up by 63% for the six months to the end of October.
Consumer debt has reached epic proportions, topping £1 trillion for the first time this summer.
The company said a lack of financial literacy was adding to the problem, with many consumers unaware of what Individual Voluntary Arrangements, debt consolidation loans and debt management plans are.
Some people (http://en.wikipedia.org/wiki/VIZ) throwing stones at the US on this board had better make sure their double-glazing bills have been paid.
CONSUMER advice group Debt Free Direct has warned the UK’s debt problem is 'significantly greater' then previously estimated.
The Aim-listed company said one in three people is concerned about the impact of rising interest rates on their ability to pay off debts.
In a trading statement, it estimated 865,000 people have considered filing for bankruptcy.
Nearly 5m people spend more than they earn on a regular basis, with 2.5m doing so on a monthly basis.
Chief executive Andrew Redmond said: 'We are concerned that many people facing financial difficulties are not aware of the options open to them and choosing the wrong solution can actually increase their debt problem.'
The company said it has embarked on a recruitment drive to handle the increased number of cases it is dealing with.
It expects year-on-year sales to be up by 63% for the six months to the end of October.
Consumer debt has reached epic proportions, topping £1 trillion for the first time this summer.
The company said a lack of financial literacy was adding to the problem, with many consumers unaware of what Individual Voluntary Arrangements, debt consolidation loans and debt management plans are.
Some people (http://en.wikipedia.org/wiki/VIZ) throwing stones at the US on this board had better make sure their double-glazing bills have been paid.