Debt grows ‘by £1m every four minutes’

Data from The Debt Counsellors states that overall consumer debt in the UK is about £1.28 trillion, with the figure rapidly increasing.

The organisation has consequently released a Debt Counselling Report, which aims to provide consumers with information on tackling their debt problems.

John Porter, senior counsellor at the agency, says: “It is very important for people in debt to know that there are solutions to their problems, even for the most serious cases.

“The Debt Counselling Report provides information and advice on debt problems and also offers information on how to move forward to the next step, which is to seek professional debt counselling.”

He added that it is important for those with debt problems to get as much information as possible on the options they can take to help their situations.

The news follows remarks that from Neil Munroe that many people see bankruptcy as their only solution for serious debt.