This is a guest post from Sara Williams, a Citizens Advice adviser who blogs about debt and credit ratings at Debt Camel.
If you are getting deeper into debt every month then at some point that has to stop! Catch it early enough and you can do what Katykicker did: pay it off by earning more and spending less. That way you end up with a great credit record and great money habits.
But for some people that isn’t possible because their debts are too large. Here is an overview of the two most common debt solutions, DMPs and IVAs.
AD. Free debt advisors PayPlan help more than 80,000 people each year with free advice on long term debt solutions. Payplan have released new statistics based on data taken from customers who used their free service in 2015. They have also released a brand new tool that helps you to diagnose your debt with Payplan.
I have been shocked by some of the statistics that Payplan have released. For example, Essex, where I live, has the highest debt levels per person, in the UK, using the Payplan service. The average customer in Essex had £18,508 of debt in 2015. Our personal level of debt has never been this high, however, from speaking to friends it turns out we know several people with similar levels of debt. The average debt in the UK is £16,753 which in itself is much higher than I would have thought.