Debt Management - Two Thirds Already Believe Country in Recession

The debt management predicament is now being felt so strongly that, according to a report in the Guardian, as many as two thirds of Brits now believe that the UK is already in the heart of a recession.

Debt management plans have been hit hard by a combination of factors ranging from the perilously slow housing market to the rapidly increasing costs of living. It is for these reasons and many more that around 65% of people in the UK now consider the country to be in a recession. As a result of this level of financial uncertainty, many consumers are predicted to try and get their debt management plans back on track in order to avoid being further embattled by an ever growing mountain of debt. Many will decide to utilise schemes such as a debt consolidation loan, whereas other will opt for expert financial advice from debt management professionals.

Debt Management - Spending Worries

According to the report in the Guardian, the debt management concerns held by many consumers is expected to see consumer spending dip even further as more and more struggle to make financial ends meet each month. According to a report released by the British Retail Consortium (BRC), 65% of consumers believe that the country is already in a recession and 34% believed that the UK would enter a recession within the next 12 months.

Debt Management - Cause for Concern

According to the BRC report, the biggest worry for consumers was the tumultuous economy and this was closely followed by debt management, with 16% of consumers saying that this was their primary concern. Speaking to the Guardian, financial expert Howard Archer states his lack of surprise that consumers believe that the UK is in recession, “The economy has slowed down suddenly, so it may feel like a recession, even though it isn't technically the case. In addition, people are seeing their bills rise and are really feeling the effects of the credit crunch.”

Speak to Consolidate My Debt about Debt Consolidation

Consolidate My Debt are debt solution experts who offer a range of options to those in financial difficulty. Consolidate My Debt use fully trained debt advisors to ensure they find the right financial solution for you. Financial solutions from individual voluntary arrangements (IVA) to debt consolidation are offered and Consolidate My Debt can consolidate your debt into one affordable monthly payment. To find out more about the IVAs, debt consolidation and other financial solutions on offer from Consolidate My Debt just freephone 0800 158 3654 or email enquiries@consolidatemydebt.co.uk.

Back to Consolidatemydebt Homepage
Back to Debt Management Articles