Britons Problem Loans Catching Up
In the UK, it’s estimated that about one million people have “problem” unsecured debts. At an average of £25,000 each, that amounts to a grand total of about £25bn.
About 60% of this money is owed on credit cards, with the remainder being mostly personal loans.
The UK credit crunch experts suggest there will be fewer refinancing solutions — such as re-mortgaging and homeowner loans — available to those struggle with debts, as banks and building societies tighten their lending criteria.
April 17, 2008 | Filed Under debt
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