Credit card and loan debt problems rising

Wed, 08 Nov 2006

The number of UK adults with debt problems is rising, caused by lending such as personal loans and credit cards, according to new figures.

An 11 per cent increase in the number of UK residents struggling with debt has been recorded in 2005/06 by Citizens Advice.

The bureaux in England and Wales have given advice on 1.4 million debt problems over this period, which are largely due to unsecured debt such as credit cards and personal loans, the company claims.

Additionally, Citizens Advice states that mortgage repayments were the fastest growing cause of debt, showing a 20 per cent rise from the previous year.

The company dealt with 127,000 debt problems caused by individuals struggling to make mortgage payments.

David Harker, chief executive of Citizens Advice, comments: "Our debt enquiry figures are deeply worrying. They suggest that a growing number of people are getting deeper into unmanageable debt it will be difficult to recover from.

"We are particularly concerned by the sharp rise in enquiries from people getting behind with mortgage payments."

The Shropshire Star recently reported that the number of mortgage repossessions seen at Shrewsbury County Court has doubled over the last year.


add to favouritesnewsletterlink to this pagesend to friendpost comments

Link to this page

Copy and Paste the following HTML into your page.