Reasons behind UK debts revealed

According to the latest UK debt survey carried out by the Debt Counsellors, which questioned people as to what they considered the biggest cause of their financial problems, many personal crises are the result of individual mismanagement.

For just over seven per cent of those involved in the survey, divorce or separation from a partner was seen as the reason behind money troubles, while as much as 5.1 per cent of people admitted that wanting what they could not afford was the source of their financial concerns.

John Porter, a senior counsellor with the Debt Counsellors, remarked: “It is clear from the survey that circumstances beyond the individual’s control can play a big part in UK debt problems but in the majority of cases, poor or rash decisions or lack of planning are to blame.”

The Debt Counsellors has previously asserted that it is possible for suitable candidates to go from being as much as £50,000 in the red to being debt free within five years by entering into an Individual Voluntary Arrangement (IVA).

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