Commenting on a recent survey by R3 (a leading professional association for insolvency) suggesting that seven out of 10 insolvency practitioners expect the number of people unable to keep up with their debts to rise during the coming year, a spokesperson for ThinkMoney.com advised people in debt to take early action and seek expert debt advice.

The ThinkMoney.com spokesperson said: “The ongoing credit crunch, and the possibility of a recession, would indeed indicate that people with large debts may struggle more than most in the coming months.”

She echoed the survey’s findings that debt has “become a way of life” for many, and urged people to avoid unnecessary debts, including consumer finance on goods such as electronics, and where possible, credit cards.

She continued: “It’s more important than ever to do what you can to stop your debts growing. The larger your debts, the longer it will take (and the more difficult it will be) to get rid of them.

“If you think your debts are becoming unmanageable, it’s essential you seek professional debt advice from an expert. They will be able to discuss your situation and help decide which debt solution is most suitable for you.”

She added: “There are a number of debt solutions for people with unmanageable debts – and each are better suited to different situations. Speaking to an expert debt advisor will help you make the right decision and make the process as straightforward as possible.”

About Think Money
Think Money are a financial solutions company based in Salford Quays, Manchester. The company specialises in a range of financial services, including mortgages, loans, debt help and advice (including debt management plans, IVAs, and debt consolidation).

Via EPR Network
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