Debt Management - 600,000 Stare Bankruptcy In The Face

According to a report in the Times, as many as 600,000 people may struggle with their debt management in 2008 as the conventional methods of tackling debt are being increasingly withdrawn from the market.

The credit crunch is causing financial chaos in the UK and it is expected to claim many a victim; with bankruptcies and insolvencies set to reach record levels during 2008. The debt management abilities of homeowners and consumers across the UK is being increasingly pressurised and this has led the Times to predict that as many as 600,000 face the threat of bankruptcy. Many who are experiencing debt problems will turn to specialist financial experts to provide debt management advice to help stave off the threat of bankruptcy.

Debt Management - The Extent of the Problem

Debt management is made more problematic for many as the number of people who are experiencing 'problem debt' is continuing to soar. According to the report in the Times, about 1m Britons are struggling with £25bn of debt that they simply cannot afford to repayment. Many who find themselves in this debt management predicament will enter into an individual voluntary arrangement (IVA); which is a legally binding arrangement that writes off a percentage of their debt and structures their repayments into a plan which is financially viable for them and acceptable to their creditors.

Debt Management - A Lack of Options

According to the report in the Times, many continue to dig themselves a debt ditch because the number of options available to them to get their debt management back on track has been severely limited in the current economic climate. Many financial experts are predicting that those in debt will utilise individual voluntary arrangements in record numbers during 2008 as lending restrictions imposed by banks continue to tighten. Speaking to the Times, Mark Onyett of TDX, stated, "For the vast majority of people this year, refinancing and remortgaging won't be available as a solution. Their choice will be reduced to bankruptcy, a debt-management plan or an IVA. You could see a doubling of IVAs."

Speak to Consolidate My Debt about Debt Consolidation

Consolidate My Debt are debt solution experts who offer a range of options to those in financial difficulty. Consolidate My Debt use fully trained debt advisors to ensure they find the right financial solution for you. Financial solutions from individual voluntary arrangements (IVA) to debt consolidation are offered and Consolidate My Debt can consolidate your debt into one affordable monthly payment. To find out more about the IVAs, debt consolidation and other financial solutions on offer from Consolidate My Debt just freephone 0800 158 3654 or email enquiries@consolidatemydebt.co.uk.

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