Statistics produced this week by Credit Action reveal that UK debt is as widespread as the media hype would have you believe. The results conjure an image of a nation living with vast interest repayments and on borrowed money. The country's total debt, which grows at £1 million every 5 minutes, stands at an incomprehensible £ 1,430 billion. The average UK household is in around £9,000 worth of debt and this figure is growing rapidly.

As the crunch has become reality this kind of ‘easy money’ culture has come to an abrupt end, leaving many in situations which warrant bankruptcy, an IVA or alternatively debt management. Today alone another 74 properties around the country will be repossessed- a clear result of the excessive borrowing. It seems that where previously people would visit brokers for expert mortgage knowledge and advice, society now warrants experts in managing debt and creating viable payment plans to make consistent repayments. In this climate of spiralling insolvency, debt management can only become a more popular area for brokers to diversify into and perhaps become experts in.