The second quarter of 2008 has seen more than 25 000 bankruptcies in England and Wales. There is good news, too: the second quarter of 2008 (April – June) had fewer bankruptcies than the first – by two percent. It is an even better year than 2007; bankruptcies are down by 8.3 percent from the second quarter of 2007.

It is possible that the negative effects of the credit crunch and the housing market problems are still waiting to pounce on us. UK property owners have become used to rising property values and growing lines of property equity. With property prices falling, they now use unsecured borrowing, though lenders’ criteria are becoming stricter. The Bank of England did a Credit Conditions Survey that found debt consolidation may become difficult to qualify for.

While it may be more difficult to qualify for debt consolidation, it does not mean bankruptcy is the only possible solution. There are forms of debt control that do not rely on further credit to work. One of these is debt management. Some of the possible benefits of debt management are reduced monthly payments and cancelled interest charges.

Many people are finding debt management can work for them. Regain some control over your life with debt management. Let a professional take care of your finances and enjoy the freedom of no longer worrying about debt.