Tuesday 23rd of June 2009
A debt management plan may be able to help some people in the UK who are suffering from spiralling debt problems.
New research from the Guardian Financial Group (GFG) and YouGov showed that 51 per cent of individuals admit to being worried about keeping their debts under control, however, 57 per cent revealed they have not thought about how they are going to pay back the money.
One possible solution is a debt management plan, which is a simple way for you to pay off debts owed to non-priority creditors.
According to the GFG’s figures, the average person in the UK owes £6,430 on loans and credit cards - an increase of 25 per cent since April.
Those in the 35 to 44 age bracket are in the most debt, with £7,643 recorded as the mean for this segment.
Credit Action’s Chris Tapp recently suggested that one of the reasons why people are struggling with debt is that they are not fully aware of the range of options open to them.
