Debt Options Warn Millions Could Need Credit Card Debt Help

Consumer debt agency the Consumer Credit Counselling Service (CCCS) has published alarming figures on the level of the nation's credit card debt problems. Debt Management company, Debt Options give their reaction. End Quote

(1888PressRelease) August 06, 2011 - According to their research, millions now have debt problems, with 3.2 million at least three months behind on their debt repayments. Debt management experts Debt Options also warn they have dealt with an increase in credit card debt help calls over recent years.

The CCCS warn that their average client now has unsecured debt problems to the extent where during each working week, they cannot be said to be earning their own money until almost the end of the day every Wednesday. Up until this point, every single pound earned is already 'spent' repaying their debts. For those earning between £20,000 and £50,000, the average unsecured debt represents a staggering 95% of their annual pay.

"This research doesn't surprise us at all. The recent years have not been easy for millions of people and we've had a surge in enquiries for credit card debt help. People have found themselves in difficulties due to unexpected redundancy, or a sudden cut in their working hours. Often, they have multiple debt problems, and are trying to manage a mortgage as well as unsecured debt like credit cards, loans, store cards and overdrafts. If the total amount owed is over £15,000, an IVA might be suitable; in all most cases, there will be a suitable legal solution" said a Debt Options spokesman.

Credit Action estimate by July 2011, the actual average amount of unsecured debt per person stood at over £15,000. At the same time, an average 331 people are declared insolvent or bankrupt daily - or one every minute of a working day. The estimated amount of card transactions in a single day stood at over twenty four million, with a total value pf of £1.156 billion. Research from the CCCS showed that as well as the 3 million already 3 months or more in debt arrears, 3 million more are at risk of falling behind on repayments.

The problem is especially acute for those earning less than £13,500 per year. For these consumers, credit card debts represented over 20% of their annual salary.

"The most difficult time to manage could be after a life changing event.

Redundancy, bereavement, relationship breakdowns can all be a point at which people find it particularly difficult to manage their debts. These times can clearly place people under a considerable amount of strain in themselves. It's important that people realise that they have nothing to be afraid of as far as their debt problems are concerned. Whether they need credit card debt help, or any other form of debt management, there is an appropriate, tried and tested legal debt solution to match their needs. No-one should feel things are beyond their control; in fact, simply acknowledging the debts are becoming a problem can be the very first step to solving it for good in a manageable, safe way "

Anyone seeking credit card debt help, or support and advice with any other type of debt problem can gain immediate free advice by calling Debt Options on 0800 234 3605. The team can also be contacted by email by visiting:
http://www.debtoptions.co.uk

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