In today's day and age, the average person uses their credit card on a daily basis, has a car, home, and other personal loans, and is in debt to the point where they are happy if they manage to keep their heads simply above water. With the current state of the global economy being so poor with little relief in immediate sight, many people are starting to look towards finding ways to manage their debt. According to a recent poll conducted in the United Kingdom by the Citizens Advice Bureau (CAB), the average citizen of the United Kingdom is £17,000 in debt and would require 93 years to pay it off if they were offered an affordable rate of repayment.

In 2001, a mere eight years ago, the average citizen of the United Kingdom came to the Citizens Advice Bureau with only £10,600. That figure has nearly doubled, and financial experts and debt management consultants are not expecting that number to change anytime soon. As a matter of fact, the situation is expected to deteriorate even further through the course of 2009, as the global economy and governments work towards fixing the failing state of affairs.

Why are people finding themselves currently so deep in debt? According to the CAB the most common reasons include low income levels, illness, sudden disability, over-commitment on credit, and job loss. The last reason may wind up being the largest cause of people falling deep into debt before the global financial crisis rights itself, with more and more companies cutting back and laying people off in order to simply survive the current financial recession.

The survey that was conducted by the Citizens Advice Bureau revealed some interesting information regarding how the average citizen in the United Kingdom dealt with their financial obligations. More than half of the people who participated in the survey stated that they were in debt on their priority bills which included categories such as their rent or mortgagee payments, heating bills, and council taxes. Additionally, one in every ten survey participants had more than ten credit debts which included but were not limited to credit cards, personal loans, and overdrafts.

Citizens Advice Bureau's chief executive David Harker feels that figures from the survey are very sobering especially since the numbers were collected in July 2008, prior to the credit crunch hitting the world so hard. "Low income, combined with irresponsible lending, unreasonable debt collection practices and badly informed financial decisions are at the root of many of our clients' debt problems," Harker commented. "For many there is little prospect of their income increasing or their circumstances changing. The reality is that they are condemned to a lifetime of poverty overshadowed by an inescapable burden of unpayable debt."

Considering how long it would take 93 years to pay off the debt at an affordable rate, many people are turning to alternative methods of getting back on their financial feet including filing for IVAs and opting to go bankrupt, simply to afford themselves a better future.