UK personal debt swelled to a huge £1,456bn in November 2008 – proving more than ever that the unsecure debt bubble must be let down gently before it pops.

According to the charity Credit Action, this huge was an increase of £56bn on 2007 figures – meaning personal debt has now forged ahead of the UK GDP.

The only way people are going to be able to control this unrelenting mountain of debt is by consolidating and taking sensible steps towards securing and controlling the red.

Worryingly, the daily increase in UK debt is now a whopping £154m, with one person every 4.8 minutes being declared bankrupt or insolvent – and that’s no surprise when you find out that the UK is paying £252m in interest alone.

This has to change, and it can. If you are one of those who are part of this huge debt, take steps to secure all your responsibilities with a secured loan – you will find almost immediately that your life is much better knowing you are not paying nearly as much as that daily £252m. You will also be able to sleep a little better knowing your house will be safe, and you will not be one of the nearly 300 made bankrupt every day.

Debt is an ever-growing, dangerous thing. Don’t let it control you – control it instead with a secured loan.

To keep up with the latest news and comments on current financial affairs please visit the Secured Loan Blog.

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