Large Numbers Continue To Struggle Despite Increases In Debt Repayment

Bank of England figures have revealed that consumers repaid £100m of unsecured debt back in November, a month that traditionally sees an increase in net borrowing.  However, figures from the Insolvency Service show that personal debt is still a huge problem in the UK with 4 out of 10 people in still owing money from Christmas 2009. 

The Bank also revealed that £6.1bn of equity was injected in the third quarter of 2010, the tenth straight quarter of net mortgage repayment.

Chief Executive of the Insolvency service, Stephen Speed, said “Although personal insolvency levels are no longer rising, they remain stubbornly high, reflecting the high levels of personal debt that persist across the country … prevention is much better than cure as far as personal finances are concerned. Review your personal finances frequently and make sure you are not taking on debt you can't afford to repay.”

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