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Sunday 04th of October 2009
September 15, 2009    

Stranglehold of debt to continue

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by David Masters

The stranglehold of debt on UK consumers is likely to continue for a “long time”, an industry expert has claimed.

Chris Tapp, director of Credit Action, said the financial crisis has left a rising number of people struggling to keep up with loan and credit card repayments.

Increasing unemployment has become “a real source of debt problems because it impacts on people’s income so heavily”, Tapp said.

He also pointed out that debt has become more expensive since the credit crunch, making it more difficult than ever for borrowers to pay back what they owe.

Despite recent forecasts of the recession ending, “it is going to be a long time” before household finances improve significantly, Tapp concluded.

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