Britons face ‘debt epidemic’

Britain is in the midst of a "debt epidemic", an industry expert has claimed.

Writing for the BBC, Jon Bartman from Money, Debt and Credit suggests that a "spending and borrowing cycle" over the past decade has caused an increasing number of consumers to struggle with debt management and making personal loan repayments.

He said: "People find themselves in serious financial difficulties for many different reasons and once you are in the debt cycle, it’s a very difficult one to get out of."

Meanwhile, he suggested that as loan providers now take more risks in lending credit to people they are in turn charging higher interest rates.

Mr Bartman advised that looking to manage their loan payments should aim to get free advice from a financial advisory service.

According to statistics released by financial charity Credit Action, Briton’s personal debt stood at £1,318 billion as of the end of March, a rise of 10.5 per cent from the same period in 2006.

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