UK Debt Causes Revealed By Debt Counsellors' Survey

The Debt Counsellors Annual UK Debt Survey 2007 has revealed some of the major causes of personal debt in the United Kingdom.

(PRWeb) February 12, 2007 -- The Debt Counsellors Annual UK Debt Survey 2007 has revealed some of the major causes of personal debt in the United Kingdom.

Debt help experts The Debt Counsellors polled people contacting them for debt advice to gain an insight into UK debt. As part of the survey, respondents stipulated what they believed to be the main cause of their debt problems.

Redundancy (2.7%), a drop in income (9.9%) and being sacked (1.4%) all played a part, as did divorce and separation (7.3%), being a single parent (3.8%) and the death or illness of a partner or family member (1.5%).

However, many of the stipulated causes of debt were much more within the individual's control. For instance, 9% admitted overspending by themselves or their partner was the main cause of their financial problems, while 5.1% admitted that wanting what they couldn't afford had got them into trouble.

Spending to feel better about oneself (3%) and spending to impress others (0.6%) were also stated as major causes of debt, as was gambling (1.5%). However, the single biggest cause of debt problems was bad financial planning, with 18.3% of respondents citing it as the main reason for their debts.

John Porter, a senior counsellor with The Debt Counsellors, commented: "It is clear from the survey that circumstances beyond the individual's control can play a big part in UK debt problems but in the majority of cases, poor or rash decisions or lack of planning are to blame.

"Therefore, it is imperative for people worried about their debts to get professional debt advice which will help them plan for the future."

For more help and advice on UK debt, visit http://www.debtcounsellors.co.uk

Press Contact: MARK NUNNEY
Company Name: http://www.debtcounsellors.co.uk
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Press Release Source: EMediaWire