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Extreme Debt Levels Rise 2006-06-22

Posted by clype in Money, Statistics.
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Levels of 'extreme debt' in the UK are worsening, says a charity which has seen the number of its clients owing more than 100 000 GBP nearly double.

'The Consumer Credit Counselling Service' ('The CCCS') saw the number of clients in extreme debt rise from 1.4 per cent to 2.7 per cent in a year. Statistics for its 280 000 customers for 2005 showed people aged between 40 and 59 had the highest level of debt — owing an average of 34 456 GBP.

But increases in the amount of money owed were greatest among the over-60s.
The CCCS said the amount of money owed by people over 60 who contacted the group had soared by 25 per cent to an average of 33 658 GBP.

'The Foundation for Credit Counselling', which is responsible for 'The CCCS', said it hoped to use the statistics to help people in debt. Chairman Mr.Malcolm Hurlston said:

'The aim of this yearbook is to make use of the knowledge and experience of CCCS in improving our understanding of people in debt, alleviating their problems and anticipating future needs.'

'The CCCS' also saw the number of young people struggling with debt increase. It was contacted by more 18/24 -year-olds and found they owed an average of 15 079 GBP in 2005, compared with 11 935 GBP two years earlier. Overall, of people on one of the group's debt management plans — under which interest is frozen in exchange for a set amount being repaid each month — the average amount owed was 30763 GBP in 2005, as against 29 340 GBP the year before.

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