A British person or business is declared bankrupt every five minutes, according to reports by Credit Action.

After over a decade of easy credit, the UK is paying the ultimate price; as well as someone being declared bankrupt every five minutes, every day 104 homes are repossessed.

The report also shows that the average household debt now stands at £9,500 (excluding mortgages). Credit Action report that we are in a debt denial and many of those who are seeking debt help do not realise the true extent of their debt levels.

If you are struggling with debt then don’t worry as there could be help out there, such as a debt management plan or repossession help. It is important that you seek debt advice as soon as possible before things continue to spiral out of control.