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| BankruptcyNews |
Posted - 02 August 2007 : 10:28:59
One in five has £10,000 debts
Almost one in five Britons are more than £10,000 in debt and many struggle to meet monthly repayments, a new report says.
More than 8million people (18 per cent) are in 'serious financial trouble' and about 2.1million find it hard to meet credit card, loan and store card repayments each month.
The figure was 14 per cent just four months ago.
Three per cent owe between £20,000 and £30,000 and five per cent – or 2.3million people – have debts exceeding £30,000. In the battle of the sexes, men are deeper in debt but more women find it hard to meet their monthly repayments.
James Falla, from debt consultancy firm Thomas Charles, which carried out the research, said: 'Over the past year, we have seen a sharp increase in the number of people who have taken on unsecured debt and are now struggling with repayment.'
Also, he warned things could get worse: 'Borrowers affected by the higher interest rates now are storing up debt problems for the future.
'Instead of making cuts in their personal expenditure they are taking on further unsecured loans and credit cards.'
London is the worst place for those struggling financially, as 40 per cent of people who owe more than £10,000 find it hard to pay off their debts – compared with 20 per cent in the rest of the South.
Sarah Miller, from Citizens Advice, said its clients were increasingly struggling to pay everyday expenses such as council tax and utility bills.
Source: metro.co.uk
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