Those who take out a debt management plan are launching a so-called plan of attack on their financial difficulties, it has been suggested.

It will involve putting unnecessary spending to a halt, reports the Examiner, which may also include taking steps to pay off existing debts.

Enlisting the help of a debt management firm is one way of tackling debt head on, it stated, as they will help look at the problems in the same way the individual would.

In some situations the company will help establish a budget alongside lower interest rates and minimum payments, which saves people the hassle of doing the work themselves.

Statistics released by Credit Action on May 27th said that 323 people would be declared insolvent or bankrupt on that day.

This is estimated to increase to 435 people a day throughout 2009 or one person becoming bankrupt or entering into an Individual Voluntary Arrangement every 3.3 minutes.

It also said 2,262 Consumer County Court Judgements were issued every day last year and 143 properties were repossessed every day during the last months to end December 2008.