The money education charity suggests the problem of the UK’s rising debt mountain – now standing at in excess of £1.3 trillion – is behind the 300 or so insolvency declarations among the public each day.
And with Britain becoming essentially a “nation of borrowers”, as much as £36 million in unsecured cash is taken on as credit each day nationwide, Credit Action has revealed.
Associate director at the not-for-profit organisation Chris Tapp remarked: “Day by day in the UK we now borrow and spend at an astonishing rate, it is such a key part of our everyday life.
“However there are real risks associated with this pattern as the numbers of people falling into difficulty on a daily basis shows.”
Established in 1994, Credit Action explains the role it aims to fulfil as being a source of debt advice and a help for those people seeking to avoid bankruptcy.