Consumers in Britain have little chance of paying off the money they owe within their lifetimes, it has been suggested.According to research by Citizens Advice, the average person who contacts the service for advice owes almost £17,000 - with bills and secured loans a major factor.And with over 7,000 new debt problems being presented every day, the charity estimated that it would take each one 93 years to pay off the money at an affordable rate."These findings make sobering reading, especially as they are based on data collected just before the worst of the credit crunch began to bite," said chief executive of Citizens Advice David Harker.Among the findings was the fact that 45 per cent of homeowners are in arrears on mortgages and secured loans, while one in ten owe money on at least ten sources of credit, such as unsecured loans and credit cards.
Compare the best loans on the market using our Loans Best Buy charts. Use our loan calculator to help you search and compare the cheapest loans to save you money.
Disclaimer: Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time.
Moneyfacts.co.uk will, like most other websites, place cookies onto your computer’s
hard drive. This includes tracking cookies.