UK Credit Cards Contribute to Growth of Personal Debt

its latest report, the UK Insolvency Helpline - a personal and business debt consultancy that offers financial advice to individuals and businesses - announced that personal debt in the country is growing at a worrying pace. According to organisation's statistics, it is credit card debt that contributes greatly to people's financial problems.

UK Insolvency Helpline urges lenders provide struggling borrowers with more debt relief because a large number of those in financial difficulties are doing their best to repay debts they have accumulated on the credit cards.

Commenting on the findings, Mr. Sorsky, UK Insolvency Helpline councilor, said that most Brits do try not to abuse credit cards; however, few of them succeed to reserve credit cards for emergencies. He also highlighted that people in the UK are now saving less than they used to, which means they do not have extra finances to pay off debt.

This report, published by UK Insolvency Helpline followed the recent survey of European Consumer Finances, which revealed that 32% of European citizens are building up savings.