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Britons `spend more on debt interest`

25/06/2007

British households are spending more on interest related to debts than they have in the past decade, it has emerged.

Data released by the Liberal Democrats reveals that the average UK family spends nine per cent of its income on interest charges, the Telegraph reports.

This equates to one-fifth more than was spent on charges relating to debt in 1997, when the average household spend 7.5 per cent of their income towards interest, the figures indicate.

Additionally, the study shows that the average family has personal debt which accounts for 164 per cent of their income - the highest proportion in the developed world.

Amid these statistics, the publication states that shadow chancellor Vince Cable called on Gordon Brown to focus on debt, saying: "Mr Brown will move house this week while thousands of homeowners face severe financial difficulties because of the expected interest rate rises this summer and later this year."

UK consumers borrow about £313 million every day, according to Credit Action.

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