Online debt collection

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.