A survey conducted by One Advice has found that around two million people in UK owe more than £10,000 on credit cards, overdrafts and unsecured loans. In an interview conducted by Gfk NOP in February and March confirmed that most personal borrowing in UK are in the form of mortgages where the loan is secured against security. But this survey also found that most people are also running up big unsecured loans.

The chief executive of One Advice, Chris Holmes said that many UK people who have taken unsecured loansare entrapped in debt due to the high interest rate. They often are paying off the interest rate only that occurs every month as against the total capital borrowed by the individual.

The government has finally taken an action to set-up an advisory committee and providing £45m to help people in England and Wales to gain personal advice on how to cope with the debt.



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