Debt consequences go beyond money worries
The consequences of debt go beyond the monetary burden, it has been claimed.
The Consumer Credit Counselling Service has claimed that a change in a person's financial climate can come about due to ill-health or divorce.
However, while this may be a perfectly understandable reason for going in the red, the company has claimed that once people take out credit it is often difficult for them to get back on track.
Acting as spokesperson for the company, Frances Walker commented that only when people learn to use credit properly will the problem go away.
"Something like between four and eight per cent of people who take out credit will get into difficulties, which is a small proportion, but obviously a huge number of people," she said.
According to money charity Credit Action, in January 2007 the UK surpassed a combined personal debt mountain of £1.3 trillion.
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