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Over the last fifteen to twenty years levels of debt in both the USA and the UK have risen dramatically. There are now more people with unmanageable levels of debt than at any other time doing the last hundred years. Part of the problem is due to the fact that during the years of apparent economic boom credit was easier to get hold of than it was at any time in the past. A lot of the debt problems that professionals deal with today are a result of overspending on credit cards, and the tendency to have more than one card. Getting credit has been so easy that it has contributed to the notion of a have it all, have it now, society.
In the last twelve months the edifice of credit and debt has come crashing round our ears and people are struggling to pay back debts that they couldn’t really afford in the first place. The current economic crisis has brought a lot of unscrupulous people out of the woodwork who are trying to make money by urging people to consolidate their debts and then to charge them a huge fee for the privilege.
America has had modern debt management systems for some time now and the UK is only just beginning to catch on to the idea that these systems can produce tremendous savings. For years, banks and other financial institutions have used automatic money handling systems to deal with their cash flow for many years, but it is only recently that the same systems have been available for consumer financial management.
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