After several years when all everyone talked about was easy credit, the economic downturn has transformed this focus overnight into an overriding concern about debt.
Although it can sometimes seem as if you’ll never be clear of your debts, it is possible to tackle the problems and make big strides towards getting your finances in a healthier position.
The first thing to remember is that you’re not alone. Consumer debt (including mortgages) now stands at more than £1,457 billion, according to the Bank of England. The average owed by every adult in the UK is a massive £30,435.
With so many of us now affected, debt charities have seen a huge increase in calls. “We have had a 70% increase in the number of people contacting us last year compared with 2007,” says Beccy Boden Wilks, a spokesperson for debt charity National Debtline. In January, typically one of the busiest months of the year, the charity was receiving 1,600 calls a day.
Read more: Free yourself from debt
Tags: debt
