TheAuthorsDesk.

To the person drowning in debt, a debt-consolidation loan looks a lot like a lifesaver. But agreeing to such a loanwithout understanding it completely could be a serious mistake.

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Are you the victim of a high interest rate auto loan? If so, the following email discussion may help you. Read on:

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Over recent years personal debt in the UK has exploded. Since 1997 the total debt including mortgages was in the regionof £940 million. Approximately 18% of that figure is unsecured credit, accounting for about £8000 per household.

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The recently passed Bankruptcy Abuse and Consumer Protection Act was hailed as a breakthrough in bankruptcy law. Passed with bipartisansupport in Congress and signed enthusiastically by President Bush, the law creates sweeping changes in debt law and will make itmuch more difficult for debtors to have their obligations swept away by the courts. A major requirement of the newlaw will require that anyone considering filing for bankruptcy to first undergo credit counseling. The idea is sound; anyone withproblem debt can probably benefit from some discussions about money management. There’s just one problem ? Congress failed to includeany details in the bill about what, exactly, constitutes credit counseling.

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One of the most common social diseases remains dormant for a long time. And when it raises its head, it revealsits monstrosity slowly. What is the social malady? Think. More than a million Americans are affected by it. Yes, I amtalking of the ugly disease known as debt. Most of us don’t think when we go on a shopping spree. Thishappens more when we are armed by those devil-in-disguise plastic cards, better known as credit cards. Credit cards are useful, butthey can easily ring the death-knell of all fun and frolic with their bills.

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As any report on the subject will reveal, million of UK consumer are staggering through life under the weight of poorcredit scores as a result of County Court Judgements being issued against them.

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For the average American family, debt, and especially credit card debt is spiraling out of control at a record pace. Theaverage household credit card debt has risen dramatically from $3000 in 1990 to over $8000 today. Personal bankruptcies are also atan all time high, prompting Congress to consider a radical bankruptcy law overhaul, designed to weed out those who are merelytaking advantage of the system loopholes while directing many to more palliative alternatives such as a debt management program.

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