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As the total UK personal debt reaches an eye watering £1.4trillion, Kensington Financial Management Consultants are urging the public to take stock of their finances and ditch the debt for good with a nationwide Credit Card Amnesty.

In a bold move to tackle debt head on, the Kensington Financial Management team instigated an amnesty, which saw members of the general public join forces to cut up their credit cards en masse, making a united stance against spiraling debt. The aim is to encourage others to follow suit.

Lee Parkin from Kensington Financial Management Consultants said: "2009 is set to be a tough year with many people in fear of a financial meltdown. Our message with the Credit Card Amnesty is that although credit cards, overdrafts and loans are great commodities for those who can afford to repay them they are not a viable option when the economy has taken a turn for the worse. With a financial struggle ahead this year it's time that people took action and said no to debt."

The average household shoulders £9,052 worth of debt - or £56,708 if you include mortgagesⁱ. Unemployment has surged to an 11 year high, with the number of people out of work growing from 140,000 to 1.82 millionⁱⁱ. Job vacancies continue to shrink as companies cut back on recruitment, and economic analysts are now predicting unemployment is set to peak in 2010 at around 3.3 million

Staggeringly, over half of England's teenagers have been, or are in, debt by the time they are 17 ⁱⁱⁱ, and 80% of young people are in debt by the time they reach 21^iv. Research has found that over half of 18-34 year-olds have debts excluding mortgages of up to £10,000, and a further 20 per cent have debts of over £10,000^v.
 
Parkin added: "We're by no means against credit cards or borrowing, after all it's lending that makes the economy go round. However, to see unemployment rising at a dramatic rate and to learn our nation's youth is trapped by debt before they reach adulthood is sobering to say the least.

"Under 30's in the UK have grown up in a time of economic growth, easy credit and high consumer expectations but as the credit crunch bites harder and jobs are scarce it is time to recognise that the party truly is over and get serious about debt, which is why we have instigated the credit card amnesty.

"Kensington Financial Management's ultimate goals are to help people get out of debt, and to stop people getting in to it.  We work on a combination of prevention and cure but we all know which one is better."

Whether it's a credit card, overdraft or a small personal loan that you just haven't managed to pay off yet, it's time to tackle your finances head on and commit to ditching your debts for good.

For further information or for advice with handling your debts, please visit www.kensingtonfinance.co.uk

i. According to the charity, Credit Action
ii. Office for National Statistics (ONS)
iii. http://www.ifslearning.ac.uk
iv. http://www.raineronline.org
v. By the independent think tank Reform and the Chartered Insurance Institute