- Monday, 7 September 2009The level of debt in the UK is preventing the country from emerging out of the economy as quickly as its European counterparts.
That is according to the insolvency trade body R3, which suggests that despite the fact that public spending has decreased by £600 million, debt remains a significant stumbling block to recovery.
Debt advice - and the subsequent repayment of debts - could help Britain emerge from the recession quicker.
Peter Sargent, president of R3, said: "Other European economies like France and Germany may well be coming out of the recession already and appear to be recovering fairly rapidly but the UK economy could be left behind.
"One of the reasons for this is because of the amount of debt we are carrying, it's like a ball and chain around our ankles."
He added that of particular importance was the repayment of larger sums, such as credit bills.
UK credit card lending increased by a net £100 million in July of this year, according to the Bank of England.
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