Dealing with debt

It is not called the winter blues for nothing. Christmas has come and gone, and what's left behind is the financial hangover.

At this time of the year most of us find our finances at full stretch, but for some of us it can become a real worry.

As a community we have got just too used to big spending and easy credit, with borrowing at an unprecedented high.

At the end of 2003, borrowing had risen to £4,426 for every adult in the UK, not counting mortgages.

This is approximately a third of the average annual income.

It compares to £3,383 in 2002, and is almost double what it was in 1998.

Together, we now owe £930 billion including our mortgages.

And the figures get more frightening. A survey of its clients by Citizens Advice in May 2003 revealed that one in 10 people with debt problems owe more than £30,000 on top of their mortgage debts.

Newspaper headlines have painted a bleak picture and screamed disaster. But does it really matter?

Hey Big Spender!, to be shown on BBC One, Wednesday, 28 January 2004 at 2100 GMT, examines what debt really means to the nation and is essential viewing for anyone who has got a mortgage, loan or credit card or is in any kind of debt.

Meanwhile, BBC Newsline this week will also be looking at the state of our finances and offering practical advice, with four special reports introduced by Northern Ireland business editor James Kerr.

"None of us likes to think we have a debt problem, but the reality is that very few of us sit down often enough to work out exactly how much is coming in, how much is going out and where it is all going," he said.

"Putting it all down on paper is the first step to drawing up a sensible budget, and can throw up some nasty surprises. With easy credit available its all too simple to run up debts and then wonder where they've come from."

Further information is available on www.bbc.co.uk/bigspender or ring the action line on 0800 888809

BBC Newsline is broadcast at 1830 GMT on BBC One.