‘Unmanageable’ debt warning
John Porter, a senior counsellor with the Debt Counsellors, urged people to take out advice on becoming debt free to stave off the threat of bankruptcy as figures show a rise in average debt levels.
“Not only are the personal debt levels high, but the fact that bankruptcy is rising sharply shows that the debt in many cases is unmanageable,” said Mr Porter.
“It also shows that there is a lack of knowledge regarding debt solutions and avoiding bankruptcy
and that needs to be addressed.”
His comments come as a Data Monitor report claims that the UK is the most indebted nation in Europe, with the average Briton owing £3,175.
Mr Porter urged people to take out debt advice and, for those in the most dire situation, to look at Individual Voluntary Arrangements as an alternative to bankruptcy.
