Debt Counseling In the UK

While debt management agencies have been in existence in the United States for over half a century, their history in Britain is relatively short.

Even just 20 years ago there was little debt counseling available to British consumers who found themselves in financial trouble. Today there are hundreds of agencies and companies offering this service.

This is a sign of the times. Approximately £1,004,290,000,000 is owed today by British consumers on credit cards, loans, mortgages, hire purchase and other forms of credit. This equates to £17,000 of debt for every man, woman and child in the country.

Consumer credit has never been so easy to obtain. Accordingly, more people are in financial difficulty than ever before. Thankfully, there is plenty of help at hand.

A leaf through the yellow pages or a quick Internet search will present a huge choice of debt management companies. Many are charities or government agencies that provide services free of charge, while others are private operations that charge fees.

Alternatively, many consumers prefer to deal with their financial problems themselves. There are many web sites, magazines and books that give advice on how to manage debt.

History

The Consumer Credit Counseling Service (CCCS) was the first debt counseling organisation to be set up in Britain. It was set up by Vic Ware and Malcolm Hurlston in 1993 after they saw the advanced state of the sector in the United States.

The CCCS began as a small pilot scheme in Leeds. Today, the charity offers a free telephone service, ten regional centres as well as online services to people from all walks of life.

Since these humble beginnings, the debt counseling sector in Britain has burgeoned into a major industry that is still growing fast. Today there is a vast choice of both charity and professional services.

While charity services remain hugely popular, many consumers are opting for professional debt counseling services nowadays. These services can often devote more time and resources to your needs and often have more sway with financial institutions.

With so many services on offer, it is well worthwhile to look at a number of options to see which one suits you. A little pre-planning will help you make an informed decision and get the best debt management service you can.