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Debt and the Recession

The number of cries for debt help has trebled in the past year as we move into a worldwide recession, as reported in the Financial Times on the 24th October 2008. The entrance into a UK recession should prompt anyone in debt to review their financial situation and seek professional advice before it becomes too late. Debtsolve are happy to talk to anyone who has fears about their debt problems as the country heads further into recession.

During the recession

An economic downturn will affect all of us as the banks tighten up their lending criteria. As people tighten the purse strings many businesses will be affected and unemployment is expected to rise in the UK to almost 3 million. With home repossessions up 70% on last year, according to the Financial Services Authority (FSA) consumers must seek debt advice if they are in financial difficulty.

Get free Debt Advice

Debtsolve offer free impartial advice that won’t cost you a penny. If your debts are over £10,000 we suggest you seek free advice from a professional that can help you before things get out of control. In the UK consumers have relied too heavily on credit and many of us spend a large chunk of our income paying off credit cards and loans. With the threat of job loss in many sectors it is vital that you look at your mounting debts and seek help. You don’t want to lose your home and become another statistic.

There are a number of debt solutions available to help people in debt. By talking to a professional debt management company they can assess your individual circumstances and together you can decide which option will be right for you. Check out the What are my Options page to see the different debt solutions available. At debtsolve we advise people on the best solution for them, whether this be an Individual Voluntary Arrangement (IVA) or bankruptcy, or another debt solution.

If you would like to talk to a professional about your debt then feel free to call us on 0161 763 2670, or fill out our contact form and an advisor will contact you at a time you specify.