DMP : A Lifetime Of Debt Repayments

According to figure released by the Citizens Advice Bureau, it could take 77 years, on average, for people asking them for help with debt to get back into the black.

In an article featured on the BBC website in May 2006, David Harker, Citizens Advice chief executive, went on to explain that many of its clients were stuck in a spiral of low incomes and very high debts.

"Low income, combined with badly informed and poorly understood financial decisions, are at the root of many of our clients' debt problems."

"The reality is that they are condemned to a lifetime of poverty overshadowed by an inescapable burden of unpayable debt," he added.

This is because most of those asking the charity for help with debt were on just half the national average income.

People were condemned to a "lifetime of poverty" burdened by debt, the charity said, with many unable to afford the fees payable for declaring Bankruptcy.

On average, people seeking help from Citizens Advice were £13,153 in debt.

The charity said the number of people seeking counselling for credit card and loan debt had doubled in the past eight years.

If you would like to discuss your debt problem with one of our debt specialists, then call myIVA-Adviser.com for free on 0800 088 7503 anytime.

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