The number of Brits with debt problems is set to double during 2008 as people struggle to obtain as the credit crisis continues to afflict homeowners . An estimated 1 million people in the UK currently suffer from unsecured debt problems totalling £25 billion, at an average of £25,000 each, 60 per cent of which is owed on credit cards and the rest from personal loans .
However, the UK Problem Debt report also warned of more people facing financial difficulties. With banks increasingly wary about who they lend to and the property market slowing, more people are expected to fall into debt in the coming months and years. It has become increasingly difficult for homeowners to keep up with repayments following the increase in interest rates with many fixed rate deals coming to an end.
Unsecured Loan Debts to Double in 2008
Thu, 17 Apr 2008
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