According to a report in the Daily Mail (20th November 2006) as many as 2 million people are so far in debt that they have no hope of repaying. For some people the debt mountain is now so large that interest payment absorb all their spare income. A boom in consumer spending aided by credit card and other loan facilities has seen many UK households overload with debt. The recent rise in interest rates, coupled with rising costs for energy will place many people at risk of bankruptcy.
The UK is now the debt capital of the world. And you only have to watch daytime TV to witness the growth of a burgeoning debt management industry. Providing management solutions is the latest growth area for financial advice.
To read the Daily Mail article, click on the post title.
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