Monday, November 26, 2007

Average Briton is now £33,000 in debt

By Nick Allen Last Updated: 2:35am GMT 26/11/2007

Families are stretched to the limit of their borrowing capacity, with personal debt having almost doubled since the turn of the century, an independent report warns today.
The average adult now owes £33,000 through mortgages, credit cards and personal loans compared with £17,000 in 2000, the international accountancy firm PricewaterhouseCoopers claims.
Many households are likely to have to use their credit cards to meet rising mortages
As borrowers default on their debts in growing numbers and banks and building societies try to recoup their losses, annual fees on credit cards will become standard, the report says. These would equate to up to £30 a year.

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