However a much greater proportion of that figure is now funded by credit. The removal of legal curbs on borrowing money and increasing earnings means consumer debt is nearly double that of the late 1980s when high levels of borrowing contributed to recession. Debtsorted is an independent directory of all debt solutions. At last there is a site dedicated to easing your debt burden, and helping to manage you out of debt. Some of the links on Debtsorted are to non-profit making organisations, others are to commercial institutions.
Many people pile up debt without knowing their rights.
Buying on credit can bring its own problems, but it can give you extra rights too. Sometimes it's not always easy to get credit or the credit deals that are available are less than generous. It is as important to shop around for credit as for any other purchase. There's no easy way out of debt, but the sooner you face up to the problem, the easier it will be to solve. Most people at some time will use credit to purchase goods or services, for example, by obtaining a personal loan through a bank or building society, hire purchase, or a credit agreement with a trader.