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Debt problems rise as festive season looms

08/11/2007

More than 6,000 consumers every day in the UK contact Citizens Advice offices with debt problems, new statistics show.

Debt enquiries to Citizens Advice have increased by 20 per cent in the last year, which means 6,600 people contact the charity for debt advice each day, figures from Credit Action show.

The personal debt problem in the UK grows in the run up to Christmas, with excess spending leading to an estimated 10,000 bankruptcies in the first three months of 2007. The average Brit will spend £419 on presents and activities in this festive season.

As a result of these debt problems, figures show that 14,000 properties were repossessed in the first six months of 2007, an average of 77 each day. Over 2.1 million Brits are permanently using their bank overdrafts.

Credit Action is a national money education charity which was founded in 1994.

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