The UK is now considered to be Western Europe’s capital in terms of personal debt accumulation. Figures show that ,last year, the average person in Britain was over £3,000 in debt in comparison to the Western European average of £1,560. Unfortunately, Britain now accounts for around 30% of all personal debt in Europe’s western countries. This is more unhappy news for the UK as it struggles under the weight of the current credit crisis and tumbles towards recession.

Britain registered an unsecured debt total of £1.35 billion in 2007 which represented a 10% increase on figures for the previous year.

Industry insiders predict that the UK’s personal debt situation will worsen as the economic downturn continues. As more and more individuals and families begin to feel considerable financial pressure from the increasing cost of everyday living, there appears to be little alternative to borrowing more money from lenders. It has been estimated that for every five minutes the UK’s personal debt total rises by over £1 million

Those who are attempting to break the personal debt cycle are advised to implement financial controls on their spending habits and curb unnecessary expenditure. It is always worth remembering that there are a number of specialist agencies that will provide advice on how to handle debt.