Clear Start Says The UK’s Current Personal Debt Problem is Just the Tip of The Iceberg

According to Clear Start, the National Consumer Debt Service, the level of personal debt in the UK is not only growing at a frightening rate but is likely to continue to do so.

The country’s debt levels are very alarming. Personal debt broke through the £1 trillion barrier in 2004 which was only seven years it after broke through the £500 billion barrier. The staggering debt growth rate is illustrated by the fact that personal debt has doubled in the nine years since Labour came to power in 1997.

And with bankruptcies reaching record levels in the last quarter of 2005 and consumer appetites for borrowing seeming to be insatiable, the consumer debt problem in the UK shows no sign of abating.

A spokesman for Clear Start said that,

“The rate at which consumer debt seems to be increasing is very worrying. However, it is good that more and more people are contacting Clear Start for impartial help and advice which is of course the first step in actually coming to terms with and clearing their debt problems”.