Personal loans 'make up a third of Britons' debts'
15 March 2010 14:08:55
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| Personal loans playing major role in struggling consumers' finances. |
The Consumer Credit Counselling Service (CCCS) revealed that it now has over 100,000 debt management plans in place, covering a combined £3.3bn in unsecured debt.
According to a new report by the group, personal loans make up 39% of the overall debt and credit cards account for 46.3%.
Chairman Malcolm Hurlston noted that almost one in three people approaching the charity do not possess the required qualifications for a debt management plan or an Individual Voluntary Arrangement.
"It is rare for an annual review to reflect such rapid change," he said.
"The new penury has struck many people who would ordinarily not have fallen into debt on the basis of their borrowings alone."
An average individual asking for help from the CCCS will be in their mid-30s and have outstanding unsecured debts of about £29,000, according to the charity.
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