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12 July 2020

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01/11/2007 - Serious Debt Worries Sweep UK

New research from debt consultants, Thomas Charles, has revealed over 15% of British adults are in serious debt, owing more than 10,000 in unsecured debt.

James Falla, managing director of Thomas Charles, said the findings show that personal debt levels have reached breaking point.

He said: Interest rate rises and subsequent mortgage hikes mean that people have been relying on credit for their everyday expenditure credit which they can often ill afford. The survey also showed that more people were concerned about spending attitudes with almost a third of 35-44 year olds saying that they intended to cut credit card spending.

Falla added: These results show that Britons are finally making positive steps towards confronting the amount of debt they are carrying.

He said: There is still a massive debt mountain for Britain to climb, but this report signifies that the bad news about debt is finally sinking in.

The findings were announced a day before the Insolvency Services statistics for the third quarter of 2007.