Archive for October, 2009

Tough Economic Times in the UK Mean More Debtors Seeking Alternatives to Bankruptcy

Citizens of the UK are experiencing growing levels of debt as the nation descends further towards a state of economic recession. Growing numbers of Britons are falling victim to excessively aggressive product promotion in the once reserved country. While consumerism has flourished in Britain for many years, in the past advertisers relied on more subdued strategies to promote their goods and services. In an effort to mirror the successes of US advertising firms, British firms have begun to market much more aggressively and while doing so, the lending industry has stepped in to enable consumers to take on much higher levels of credit than was available in the past. This has lead many UK citizens towards debt as they find the ability to manage their financial situations decreases under severe pressure from marketers.

With bankruptcies on the rise, many in the UK who are struggling under financial burdens are turning to the other solutions available in that country.┬áDebt management and individual voluntary agreements are seeing increased use nationwide as indebted consumers seek a gentler means of reducing their debt to a manageable level that they can more easily pay off. Even British TV and film stars are experiencing trouble in the faltering economy, themselves turning to debt solutions in an effort to get themselves back to firm financial ground. Financial analysts are unclear as to how long this trend will last, but most economists now cite numbers showing that debt has been a problem for British consumers since at least the mid 1990′s when credit became far more accessible than in the past.