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Bills and secured loans 'contributing to mounting

Bills and secured loans 'contributing to mounting

Category: Loans

Updated: 27/08/2010
First Published: 26/02/2009

MONEYFACTS ARCHIVE
This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.

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.

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