Britain is set to face a debt interest bill of £70billion. This was the forecast of financial hard times outlined by new Prime Minister David Cameron. To put it another way, 10 pence in every pound of tax paid in the UK will go directly to paying off the interest on our national debt. That’s more than is spent on public transport, combating climate change and the English schools system. These harsh financials are in spite of the various debt solutions that the new government is proposing.

The serious debt problem that Britain is currently facing is not on the same level as that which is being faced by Greece and at the moment, our national credit rating would still be respectable. However, even with the detailed and severe cuts that have been drawn up by the Conservative and Liberal Democrat coalition government, the UK could still struggle to solve this difficult debt problem.

Of course, these substantial cuts are the country’s best chance to avoid a national credit meltdown on a level with that suffered by Greece. Last year, Britain’s deficit was over 11% of Gross Domestic Product (GDP). The government has stated that its debt solution revolves around cutting this GDP to just over 4% by 2014. Sadly though, many financial analysts still view this projection as insufficient.

So, it might be the case that we see even more severe cuts to public spending in order to meet these targets than the government is currently projecting. Here at Harrington Brooks, we know that a frank assessment of your financial situation and a keen understanding of the extent of your debt problem are essential to finding a suitable solution. We also know that everyone’s circumstances are different, so the solution that works for someone may not necessarily work for someone else. This is an important point to consider when drawing a comparison between our situation in the UK and that which exists elsewhere in Europe; Greece, for example.

With any deep rooted, long-term debt solution, the inherent danger is that the initial fervour and good intentions give way to impatience as the debt solution fails to be a quick fix to your debt problem. There is no quick fix to your debt problem and it is important that you employ the right debt solution for you, and you are committed to making repayments and becoming debt free.

As for the UK, cutting the deficit will take years. Britain’s national debt was at about 40% of GDP before the credit crunch and it will be a long time until it’s at that level again. It can be though. All it takes is dedication to the right debt solution and the problem will be solved. The same can be said for you.

For a lot of people, credit card spending is a gateway to debt problems. There is a stigma surrounding the issue of credit card debt that has intensified since the credit crunch; the buy now and pay later attitude is no long in vogue. Now, thrifty is cool and being in the black is, well, the new black.

However, contrary to popular belief, a well managed credit card can sometimes be a cheap and efficient way to borrowing money. Serious debt problems will arise when you use your credit card debt to supplement your income. Making those regular, everyday purchases with your credit card, like using it to pay for fuel or the weekly shop, can be a dangerous habit to fall into. If you save your credit card for big ticket items that you’ve already saved and planned for, it can work out to be an efficient way to pay them off.

Shopping around for the best deal can secure a card that offers 0% interest on purchases and balance transfers, which means that you can borrow money without it actually costing you anything – as long as you stick to the terms of the agreement.

There is no denying the extra buying power that a credit card affords you. Be very careful about what you actually decide to do with it though. Buying things you don’t need purely because you can is a big debt danger. Spending irresponsibly can lead to late payments, penalty charges, blotches on your credit report and significant damage to your credit rating. This makes it much harder to secure credit and will tend to result in you paying a higher rate of interest.

If you don’t have a credit card and you’re considering applying for one, don’t go mad with the limit. Just because they’ve offered you a high limit, it doesn’t mean you have to take it. The more you’ve got, the more you’ll be tempted to spend. This is risky because if you struggle to make the payments it can turn into an expensive debt. Making affordable purchases and paying them off quickly is the only way to avoiding paying unnecessary interest.

Of course, Harrington Brooks are always on hand to help anyone who’s experiencing debt problems. Trying to buy your way out of debt with your credit card is never, ever a good idea. If you find yourself in a situation where you feel that the only way to afford your weekly shop, your bill payments or any other regular expenses is with your credit card, you need to talk to a debt specialist before the situation gets any worse. The longer you leave it, the more limited your options will become and the more serious a debt solution will be required to solve your mounting debt problem.

So, credit card debt needn’t necessarily be a problem. It can be a great way to borrow money cheaply but remember that it’s also fraught with potential problems. If you overstretch yourself and your financial situation changes, you could quickly find yourself if financial trouble.

Recent statistics have shown that the number of men who are currently seeking debt advice has increased by over 50%. So, does this point to better money management amongst the fairer sex? Have men been hit hardest by the credit crunch?

The number of men seeking debt help has undergone a marked increase over the last three years. A credit counselling charity has seen a huge jump in the number of men who are making use of its debt helpline. Conventionally, it is women who are far more open to seeking debt help and discussing their financial worries. This could be the result of some outdated sense of machismo amongst men, who see asking for help as a weakness. However, there has obviously been a change in attitude that makes it easier for men to ask for debt help.

Initial predictions seemed to show that the hardest hit demographic would be middle class females but it’s seems as though working class men are actually finding it the most difficult. It’s especially interesting as this is traditionally the group who find it most difficult to vocalise their concerns and ask for help. In most cases, the man of the house is still the primary bread winner but unemployment and rising costs have put him under increasing pressure. The sexes differ in terms of their attitude to part-time work too. Men tend to be unwilling or unable to take on part-time work when they do lose their jobs.

There are a greater number of women employed in the public sector in the UK, which has, thus far, largely been sheltered from substantial lay-offs. However, as substantial public sector spending cuts begin to take hold, it will be interesting to see whether this redresses the balance between the sexes and debt. This suggests that the primary cause of these debt problems is loss of earnings. In our experience of providing debt solutions, Harrington Brooks know that it’s more often an unforeseen change in financial circumstances that leads to debt, rather than any irresponsible attitude to spending. This is serving to combat the stigma surrounding debt advice and helping men feel more comfortable coming forward, facing up to their debt and getting the help that they need.

The Consumer Credit Counselling Service said that in 2009, half of those men that came forward to ask for debt help gave unemployment or reduced income as the cause of their debt problem; only about a sixth of women who sought advice gave unemployment as the cause of their debt problem. This highlights a distinct difference in debt between the sexes but as to whether this will find a balance throughout a prolonged recovery is yet to be seen.