Action necessary to check bad debt

- LONDON, UK, November 30, 2006 - Action need to be taken to reduce debt problem of the Brits. Research shows that people struggling with bad debt is increasing. Credit card is found to be the major factor behind ninety one percent of serious debts in UK.

Research made by insolvency company Thomas Charles reveals that the number of people struggling with debt is increasing. The firm suggests that action needs to be taken to check the continuously soaring serious debts.

Findings from the research show that at present there are 8.4 million adults in the UK whose debt amount is more than 10,000. It also reveals that one out of each three women is struggling with their repayment having over 10,000 debt.

According to James Falla, director of Thomas Charles, debt problem in the UK is getting worse continuously. He expresses his concern over debt and comments that debt situation may "spiral" over the coming years.

Credit card is found to be the principal reason behind most of the debts in UK. Recent survey from the Debt Counsellors came out with the result that credit card is the factor behind 91 per cent of serious debt cases.

In this regard it may be mentioned that debt consolidation loans can work as an effective device to bail out people from serious debts. With adverse credit debt consolidation loans one can merge his multiple debts into one easily manageable loan.

30.11.2006 - 21:48 Source: 24-7pressrelease.com | Read: 328 X