UK Consumer Debt overtakes GDP

UK consumer debt has exceeded Britain's GDP for the first time ever! This means we now need some of next year's income to cover this year's debts!

Consumer debt in the UK now exceeds £1.3 trillion pounds which is up 10% on the figure for last year.

With debt in the UK out of control, more and more consumers are engaging the services of professional debt management companies in order to regain control of their finances. Debt management companies are able to negotiate with a borrower's creditors with the overall aim being to bring the monthly cost of the debts down to a more affordable level.

Steve Smith (Managing Director, Eden Financial Solutions (UK) Ltd says "Debt management is an extremely effective solution to debt problems. It is a debt solution that many people will have to use to solve their financial problems."