For those who cannot manage their debt situation, it is “incredibly important” to be aware of all the solutions available, it has been claimed.
According to Debt Help UK, a consumer advice service, the possible routes out of debt become reduced as an individual’s problem worsens.
Iain Wrenshall, director of the firm, said that if the borrower is aware of their options, it can stop a solution being “thrust” upon them by creditors.
“It is important that people don’t bury their heads in the sand, but look for free advice which is going to help them understand the solutions and the options open to them,” he added.
Credit Action reports that the Citizens Advice Bureau deals with 6,600 debt problems every day.
It also found that 305 people are declared insolvent or bankrupt on a daily basis, as Britain’s personal debt increases by £1 million every five minutes.
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