A million `struggling with debt`

Approximately 961,000 people in the UK are `struggling with debt`. So says R3, according to insolvency expert Louise Brittain, in an article on the BBC website.

After many years of widely available credit, people from all walks of life have ended up with serious debt problems that they`re now struggling to cope with.

The article looks at a few of the warning signs that can tell borrowers they`re headed for trouble. It also warns against trying to ignore potential debt problems and suggests that tracking every penny spent can help people get a much clearer picture of their situation.

`The most important thing when dealing with debt,` it states, `is to get good clear advice as soon as you can.`

At the end, it concludes with a look at some of the ways people can tackle their debts. With remortgaging no longer an option for many, the choice is often between an informal debt management arrangement and a formal insolvency solution, such as an IVA (Individual Voluntary Arrangement), a DRO (Debt Relief Order) or bankruptcy.

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