11m ‘caught in debt trap’

The party added that personal debt was a major social problem and that official figures only showed the “tip of the iceberg” of Britain’s financial problems.

According to the Social Justice Policy Group report, Breakdown Britain, a perceived lack of a debt solution is driving many to worry, the Daily Telegraph reports: “The public see this as their main worry, with a very large proportion confessing it is most difficult to talk about this with their spouse, leading to sleepless nights and stress.”

It adds that many people are trapped in a “debt spiral” with high interest rates, both from loan sharks and bona fide firms.

In addition, major banks were attacked for irresponsible lending policies that had helped exacerbate the debt problems many faced.

All the major political parties and even the Bank of England are beginning to take note of Britain’s growing debt problem. While they debate the best debt solution, many people may benefit from advice on becoming debt free.