A recent study has revealed that almost 8 and a half million people are struggling with what the government classes as “serious debt”.

Accordingly, almost 20% of indebted Brits have at least £11,000.00 in outstanding credit agreements, which are represented by a rise of almost 30% in the first quarter of this year. It has also been discovered that serious debt appears to affect men considerably worse than it does women, with approximately 20% of indebted males owing a minimum of £11,000.00.

The actual level of personal debt also seems to vary quite dramatically depending on whereabouts in Britain you look. Statistically, Scotland is worse affected by consumer debt than England, which was also reflected in the survey. Almost 25% of Scots owe a minimum of 11,000, and around 30% of these people admit to struggling with their credit commitments.

As a means to tackle personal debt, experts have advised consumers to consider the following debt solutions, usually in the following order: -

1. Try to better organise your finances through budgeting
2. A consolidation loan
3. A Debt Management plan
4. IVA or Bankruptcy

It is advisable for any indebted person to seek professional advice before they decide which of the above methods would be suitable, and it is also worth noting that the suitability of an IVA or Bankruptcy very much depend on individual circumstances and should only be considered in extreme cases.