IVA & Debt Consolidation Advice

The UK's debt burden has reached a record £1 trillion, making Great Britain the most indebted nation in Western Europe, according to recent statistics recently presented to a conference organized by Citizens Advice Scotland and the Debt on Our Doorstep Campaign. Their aim was to examine the reasons why citizens in the United Kingdom have such overwhelming debt levels. Delegates to the conference were also told that household debt levels are now at £1.3 trillion and increases by another £1million every four minutes.

Debt on Our Doorstep stated that the debt repayments of the poorest 40 per cent of households is more than triple the amount the richest spend.

The conference was held in Edinburgh and included more than 100 delegates as well as guests from the European Coalition for Responsible Credit. CAS chairman, Graham Blount stated that Britons have the largest debt load in Europe with people on lower incomes paying a higher price on debt repayments than those from wealthier households.

The conference intended to investigate why Britons are so heavily indebted and what can be done to create more affordable and responsible borrowing in Britain. The conference was attended by high-profile participants, which included the new Executive Communities Minister for Scotland, Minister Stewart Maxwell. Other speakers at the conference included Damon Gibbons, Debt on Our Doorstep chairman and Mark Lazarowicz MP, All Party Parliamentary Group on Personal Finance chairman.

Results from the conference's investigative research will be used at another European debt conference that will be held in Brussels in September 2007.