Debt Collection Agency: Debt Collection Agency - Debt Consolidation Programs

At the same time, around three million people have taken out a debt consolidation loan to try to get on top of their borrowings.

Borrowing through credit cards, loans, overdrafts and mortgages has hit almost �1.4 trillion, according to comparison website uSwitch.com.

An estimated 9.5m people had "maxed out" on one form of credit during the past six months, while 38% have had a credit card application rejected, the group claims.

But nearly two-thirds of these failed to close down their existing credit facilities, and instead went on to rack up a further �2,300 of debt on average.

Overall, the research found that the average household has now amassed unsecured debts of �4,281. More>>

From 2003 to early 2006, Christopher Ricciardi helped transform Merrill from bit player to powerhouse in the lucrative business of bundling loans into salable securities. But the value of many of the securities, known as collateralized debt obligations, or CDOs, has tanked this summer and fall amid rising mortgage delinquencies.

Mr. Ricciardi liked to be called the grandfather of CDOs. Long before joining Merrill, he helped push Wall Street ...