Debtors 'must take disciplined approach'

Those who are mired in debt must take a logical and proactive stance on getting themselves out of the situation, Fairinvestment.co.uk has stated.

Currently, over eight million Britons are in serious debt and a further 2.1 million are struggling with their repayment obligations.

A full two million Brits have admitted that they do not even know the full extent of their debt, according to Fairinvestment.co.uk.

James Caldwell, director of Fairinvestment.co.uk, said: "Debt is a real issue for many people in this country, causing stress, anxiety and even depression.

"And although there are no secret formulas for wiping out debt, there are practical ways by which you can cut your expenses."

The best way to try and get oneself out of debt is to simply stop spending as much, Mr Caldwell added.

Today the overall level of personal debt in the UK is over £1 trillion, according to figures from the debt charity Credit Action.