"This research doesn't surprise us at all. The recent years have
not been easy for millions of people and we've had a surge in
enquiries for credit card debt help. People have found themselves
in difficulties due to unexpected redundancy, or a sudden cut in
their working hours. Often, they have multiple debt problems, and
are trying to manage a mortgage as well as unsecured debt like
credit cards, loans, store cards and overdrafts. If the total
amount owed is over £15,000, an IVA might be suitable; in all most
cases, there will be a suitable legal solution" said a Debt Options
spokesman.
Credit Action estimate by July 2011, the actual average amount of
unsecured debt per person stood at over £15,000. At the same time,
an average 331 people are declared insolvent or bankrupt daily - or
one every minute of a working day. The estimated amount of card
transactions in a single day stood at over twenty four million,
with a total value pf of £1.156 billion. Research from the CCCS
showed that as well as the 3 million already 3 months or more in
debt arrears, 3 million more are at risk of falling behind on
repayments.