8.2 million indebted Brits urged not to panic

Posted 2007-10-10

Credit reference agency Callcredit is advising people with high levels of debt to take control of their finances by contacting a debt advice service, creating a sensible budget and shopping around for the best possible debt consolidation and credit deals, before feelings of panic set in.

Britons in debt are also being urged to obtain a copy of their credit report, check the report for accuracy and contact their lenders to work out a manageable repayment plan - before facing possible county court judgements or other legal actions.

Above all, it is imperative for people to remember they are not alone when facing seemingly insurmountable financial worries. Many Brits (and indeed many people around the world) have found themselves in similar financial woes. It’s not the end of the world, but finances for all those in debt need to be dealt with head-on.

Additionally, according to the Consumer Credit Counselling Service, debt problems of those over 60 rose faster than any other age group in 2006.

By the end of August 2007 total consumer credit lending to people in the UK reached £215 billion; 5.5% higher than the previous 12 months.

Total UK debt reached £1,363 billion at the end of August this year, rising 9.9% over the entire year.

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