The Facts
The UK is already one of the most debt ridden countries in Europe and a legacy of the deepest and longest recession in decades only points to the fact that the problem will get worse before it gets better.Debt Statistics
- 15 million people in the UK are struggling with debt
- Only 600,000 are in a debt management plan
- One in five of us carry more than three credit cards
- 17% of credit card holders use their cards at least once a day
- 14 million consumers are using their credit cards to fund day to day expenses
In the next 24 hours
- 185 mortgage possession orders and 244 landlord possession orders will be made
- 390 people will be declared insolvent or bankrupt
- 8.1 million cash withdrawals will be made with a total value of £3,530 million
- In 2009, financial institutions wrote off £4.12 billion in credit cards and loans
- The value of mortgages written off more than doubled from £408 million in 2008 to £984 million in 2009
- Money facts state that credit card rates have risen to their highest level for 12 years at 18.8%
- The Citizens Advice Bureau are reporting 9,500 new debt enquiries every day and rising
These alarming statistics are only part of the story. We did not intend to give you more sleepless nights but only to show you the extent of the problem. While the banks and the financial institutions set aside money expecting a proportion to be written off, consumers are faced with juggling their credit commitments and day to day survival on borrowed money.
Our prescription to our clients is a "DEBT FREE LIFE"