February 15, 2010 03:00 ET

Credit Card Debt Consolidation to Rise?

MANCHESTER, UNITED KINGDOM--(Marketwire - Feb. 15, 2010) - Credit Action's recently released statistics indicate the growing personal debt problem in the UK. In particular, credit card debt continues to soar, with our collective personal credit card debt in the UK now sitting at Pounds Sterling 54.5 billion! This equates to Pounds Sterling 5,129 per person.

Perhaps most shockingly is the fact that APACS figures indicate that, as of 2008, there were more credit cards in the UK than people!

With a growing debt problem and an ever increasing reliance on credit, experts are forecasting a substantial increase in those seeking credit card debt consolidation or restructuring or some sort. Personal insolvencies are already at their highest since records began and it is feared that our consumer society's plastic habits could lead to even higher figures over the coming years.

Debt advice specialists at MoneySolve recommend a sensible spending approach when it comes to plastic, advising that, "Credit cards are a particularly common form of debt in the UK and the debts can soon mount up. With the interest and then charges in the case of missed payments, items purchased on plastic can end up costing much more than you anticipate. It's always advisable to maintain a very cautious approach when buying on credit. And if you do find yourself in over your head, seek professional advice as soon as possible."

Experts also recommend shopping around to find the best credit card rates and avoiding those with particularly high interest rates altogether.

Contact Information

  • MoneySolve
    Elizabeth Beesley
    Astute House, Wilmslow Rd,
    Cheshire SK9 3HP
    01625 544789