UK suffers financial crisis...

• One in three of us failed to save a penny during 2006
• Half the population (52%) could survive financially for just 17 days, should they suffer an unexpected loss of income
• 15 per cent of 18 to 24- year-olds think an individual savings account (ISA) is an iPod accessory
• A quarter of Brits (25%) have no idea how much they spend in a week
• Banks and building societies will hand out £1 billion every day this year in the biggest-ever home loan bonanza in Britain
• It has been estimated that in 2005 banks & finance companies sent 1.26bn items of junk mail such as credit card offers and invitations for loans
• 3.4 million credit cardholders in the UK regularly make only the minimum repayment on their credit card
• Britain's personal debt is increasing by £1 million every 4 minutes
• repossessions are predicted to grow from 17,000 in 2006 to 38,900 by 2009
• The number of County Court Judgments (CCJs) increased for the second year running
• Almost 300 people are becoming insolvent each day...

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Mortgage Misery beckons for UK...

Homeowners with average mortgages will pay £1,500 a year more in repayments because of interest rate rises over the past year. With another rise expected this week, those with a £150,000 mortgage could be paying up to £125 extra a month.

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5 Keys to Overcoming Bad Debt Management

Five keys to overcoming bad debt management:

1. Meet with a Reputable Debt Management Counselor
2. Make debt reduction a priority.
3. Follow a budget plan.
4. Tear up all your credit cards.
5. Become more conscious of your expenditures.

Full details [here]