America's consumer debt problem may seem like a huge problem, but it's quickly becoming a worldwide problem. The UK reported not long ago that they were seeing record levels of insolvancy as credit card companies worldwide make a push to get consumers more and more into debt. Unfortunately, the problem is only likely to compound as lenders becoming increasingly tight with their lending standards. The best thing for consumers to do now is work to overcome their debt problems by seeking help to keep current on due debts and work to repay old debts.

From the Guardian:
Millions of Britons are trapped in a cycle of debt, using their credit cards to fund Christmas purchases before they have even repaid last year's spending, a survey claimed today. Around one in 10 consumers - the equivalent of 4.4 million people - admit they are still repaying debt they ran up last December ... At the same time, 9% of people said it took them five months to clear their festive credit card bill, according to financial website MoneyExpert.com ... More than a quarter of these people plan to borrow money from friends and family members, while one in five will take out an additional loan.

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