The number of Brits seeking debt advice for major debt problems raced to an all time high during 2006.
One free debt advice company calculated that a fifth of calls were related to cries for help regarding debt and over 6,000 calls were taken per day.

Many people contemplate bankruptcy as a means to an end. Five rises in interest rates during the past twelve months has caused bankruptcy to escalate by 50%.

The Citizens Advice Bureau say that debt problems are the main issue that people seek help with. They have dealt with a staggering £1.7m worth of debt issues during the past year due to an increase in the cost of living.

Even more worrying is the fact that people are having difficulties paying their major utility bills such as gas and electricity. Council tax debt has also increased by 25% and phone bills are causing a large amount of consumer debt.

A national charity revealed that every one in three calls they received were related to matters concerning debt. A further 50% of calls were related to credit card hardship and debt from unsecured loans.

Debt related problems have doubled since 1997 and the Citizens Advice Bureau are concerned that the number of people who took advantage of the credit card decade are now paying the price with swamping debt.