Online debt collection

Author: Natalya Anderson

According to research published by TDX Group, “problem” unsecured consumer debt is currently at approximately £25billion in the UK. The company further reports that one million people have problem unsecured debt in the country, each of whom owes an average of £25,000. They stress that the current changing economic conditions will continue to result in more people facing debt.

“Sadly, our research shows that 90% of people taking out a debt solution sign-up with the first organisation they contact,” said Mark Onyett, CEO, TDX Group.

Author: Phil

An estimated one million people in the UK have ‘problem’ unsecured debts according to a report entitled UK Debt Problems – consumer crisis or efficient market? Published by debt management solutions firm, TDX Group, the findings showed that these arrears totalled up to £25 billion, which equates to an average of £25,000 for each of these identified borrowers.

The report also suggested that the number of people facing financial uncertainty looks set to double during 2008 as firms tighten their lending ability resulting in a reduction in options for borrowers to re-finance their expenditures.