December 21, 2009 03:00 ET

New Year Debt Defaults Forecasted

MANCHESTER, UNITED KINGDOM--(Marketwire - Dec. 21, 2009) - Debt management specialists, MoneySolve are urging consumers not to bury their heads in the sand when it comes to personal debt in the New Year.

This follows predictions by the credit reference agency, Experian, that January 2010 may prove one of the busiest New Year periods for debt collection departments up and down the country. New Year traditionally does see a higher number of debt defaults than the average, largely because of overspending throughout the festive period - the average Briton spends over Pounds Sterling 400 on gifts alone at Christmas and, as a nation of consumers, we're forecasted to spend Pounds Sterling 44.7 billion across the festive season overall. But following the loss of 771000 jobs in the UK between January and September 2009 and a record number of personal insolvencies during the third quarter, experts fear that 2010 could see far more debt defaults than in previous years.

MoneySolve are advising consumers that, "There are debt solutions available that could take away much of the stress that debt ridden consumers are suffering. If you're experiencing difficulty meeting your loan or credit card repayments, the worst possible thing to do is to ignore the problem and hope it will go away – because it won't. But seeking professional debt advice and looking into the options available to you is a great move in the right direction."

MoneySolve is a provider of Debt Management Plans, IVAs and other debt solutions, as well as free professional and confidential advice.

Contact Information

  • MoneySolve
    Elizabeth Beesley
    01625 544789