Latest Debt News
Three million Brits in serious debt
07/12/2005 14:25:00
As many as three million people owe £10,000 in loans, overdrafts and credit cards, according to debt management firm One Advice.
The company said that at least two and a quarter million of those have unsecured debts of over £50,000. One in ten people interviewed by the company added that they worried they would not be able to pay the debt off.
A fifth said that they experienced months where it was difficult to make repayments. One in seven said they were considering options to ease their debt burden, whilst seven per cent suggested that they might declare themselves bankrupt.
"There are an alarming number of people with serious debts which they find difficult to repay," said chief executive of One Advice, Chris Holmes. "The pressure to spend at Christmas is almost certain to add to the UK's debt burden."
"Debt advisors are already braced for a surge in pleas for help next month when people realise the scale of their problems after Christmas. Those worrying about their finances should seek professional advice, as taking out the wrong debt solution could make matters worse."
People in London had the worst problems in the country with unsecured debt, with nine per cent owing more than £10,000.
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