If you think that the United States is the only country struggling with staggering consumer debt, then think again. Our friends the Brits are experiencing the same economic woes and for many of the same reasons as a post in The Independent points out.

This post outlines a few simple, but wise steps for getting out of debt hell or better still, how to avoid it altogether. They are

1. Pay less interest
2. Be wary of TV debt adverts
3. Be sure to budget properly
4. Talk to your lenders
   

The full post goes into greater detail for each of the four points, but the one I found most captivating was the third, “Be wary of TV debt adverts”. The post illustrates this warning as follows

If you’re ever at home in the daytime, it’s hard to miss the endless stream of debt-consolidation adverts shown between the programmes. Although these can be useful for a small number of people, Frances Walker warns that, in 90 per cent of cases, people will be better off pursuing alternative solutions to their debt problems. “Nine times out of 10, we don’t think these are a good deal,” she says. “For a start, you are turning unsecured debt into secured debt - so you are putting your home at risk. But they may be suitable for a small number of people who have a lot of equity in their homes.”

Here in the States, we are deluged with such ‘adverts’ (or ‘commercials’) in the daytime AND at night, so it’s a good point to bear in mind. I know there have been many desperate evenings when even some of the most questionable looking advertisers have looked attractive just because I was so stressed out by my debt and sincerely looking for a way out.

Anyhoo, it’s good stuff. You can read the full post at The Independent.

Tags | Bankruptcy, Debt, Debt Consolidation, debt management, debt problems, Debt Settlement, economic woes, getting out of debt