Expert warns over "ticking timebomb" of debt

07/01/2009

Debt help services have become increasingly important in the current financial downturn - with one in eight people seeking out some form of advice on the matter.

According to MoneyExpert.com, a financial website, the advice generally concerns how to reduce borrowing and dependency on credit cards and loans.

Moreover, the site's research has found that 30 per cent of all adults are "concerned" about their capacity to keep their debts in check - suggesting that many more people will be looking for professional financial help over the months to come.

Sean Gardner, director of MoneyExpert.com, said: "Debt has been the ticking timebomb in the UK economy for the past few years with regular warnings that it's about to go off.

"The fear must be that 2009 will see the explosion. Don't bury your head in the sand."

Figures from charity Credit Action show that the total level of personal debts in the UK exceeds £1.4 trillion.

Tags; Housing Debt and Bills, Credit Card Lifestyle,

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