Credit card debt ‘on the rise’

A new study has shown Britons are an increasing amount of debt.

Figures from Unbiased.co.uk show that although the total owed on personal loans has stayed constant over the past 12 months, outstanding credit card commitments have risen.

At present some £54 billion is owed on cards, an increase of £4 billion from last year.

With the research also showing the country’s Debt Freedom Day – the point at which enough money has been earned to pay off interest – was last Saturday (February 20th), Karen Barrett, chief executive of Unbiased.co.uk, points out “now is a better time than ever” to get to grips with debt.

However, doing so does not have to be “a daunting task”.

Such comments come as Ian Boden-Smyth, spokesperson for the UK Insolvency Helpline, recently claimed that his organisation will “pretty busy” during the first quarter of 2010 as people look for assistance in tackling their debts.

By Which4u.co.uk  (Bret Clement)