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More than half of Britain’s adults regret not clearing their personal debts last year. That’s the finding of a survey of 1000 UK adults by First Direct bank, with 53 per cent of those surveyed naming “not paying off debts more quickly” as their biggest financial regret of 2010. Furthermore, a massive 82 per cent of participants said that credit card and loan debt was the area of their finances that they were most unhappy with last year. These figures come as a leading insolvency firm announced that 2011 was set to see a dramatic rise in consumers claiming bankruptcy or insolvency, as their debts become more and more unmanageable. Richard Brown of First Direct said of the findings: “The New Year is the ideal time to reflect on your financial habits and change these for the better. The earlier people start to plan their finances and look to the future, the easier they will find their long term financial position.” There are a number of ways that you could properly take control of your finances again, and make a start on clearing your debts in 2011. Aside from debt consolidation and debt management plans, there are other methods of clearing your debts in extreme circumstances, such as bankruptcy, trust deeds and debt relief orders. If you are struggling with personal debt and need help and advice on how to manage your finances, visit http://www.debt-management.co.uk/ and contact one of their specialist debt management advisors. Ref: DBT-HS-070111
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