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Since the late 1990’s, the total amount of both personal and business debt in the UK has been rising. The Bank of England estimates that in Britain, personal debt for the population increases by £1 million every 4 minutes. One reason linked to this is a healthy economic and employment climate which allows for more purchasing power, higher consumer confidence, and easier availability of credit thanks to record-low interest rates. This, along with a popular culture that encourages spending on the latest gadget or car makes it obvious how we have arrived at this point.

Personal debt takes into account credit cards, utility bills, council tax, mortgage repayments and personal loans. It’s quite possible to incur a large amount of debt before even realising what’s happening if you don’t keep careful track of the bills you receive. While it’s fairly commonplace to overlook a phone bill or credit card payment occasionally, if your personal debt has added up to the point where it can’t be settled in a reasonable amount of time by minimizing your unnecessary spending, then it may be time to start considering your options for debt relief.