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Britain owes £25bn in unsecured debt
16 April 2008
Concerns have been raised over the amount of money owed by British borrowers, with debt expected to double over the next eight months.
Figures from debt management solutions firm TDX Group suggest that one million people have problem debts, the majority of which have been racked up on credit cards.
In a report named UK Problem Debt - consumer crisis or efficient market?, the firm warns that current economic conditions and a tightening of lending criteria could see the problems worsen.
A spokesman for TDX said: "There will be fewer refinancing solutions such as re-mortgaging and homeowner loans available, because banks and building societies have tightened up their lending criteria.
"This could mean there could be a doubling in the number of people taking out repayment plans such as individual voluntary arrangements and debt management plans."
Mark Onyett, chief executive of the firm, added that the country's financial problems need to be addressed "urgently".
