Britain’s debt crisis is displaying no signs of easing, following a costly Christmas and the global credit crunch, an expert has commented.
Suzanne Payne, director of Tenon Debt Solutions, made her comments to the Chorley Citizen newspaper, highlighting that bankruptcy and individual voluntary arrangements are on the rise.
"People who are already close to their credit limits find that they spend even more at Christmas. This significantly increases minimum payments and once the bills arrive, people find they cannot cover the cost," she continued.
Ms Payne suggested debtors consider returning unwanted Christmas presents in order to free up some cash, as well as making small savings through tactics such as taking a packed lunch to work instead of buying one each day.
However, people with serious financial problems should speak to an insolvency practitioner as soon as possible to examine all possible solutions, she urged.
According to financial advice charity Credit Action, Britain’s personal debt levels increase by £1 million every five minutes.