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Mortgage problems on the rise
10 October 2008
New figures have revealed that the amount of people falling behind on their mortgage repayments has rocketed in the last year.
77,324 inquiries have been received by Citizens Advice since last October from people with secure loan or mortgage problems. The largest rise was seen in the three months to September.
People losing their job, failure of business, ill health and broken relationships were given as the most common reasons for falling into mortgage arrears. Almost half of the people looking for help with debt had dependent children and a fifth were single parents.
Citizens Advice said that their had been a small reduction in the number of people contacting them because they were struggling with unsecured debts, such as credit, store and charge cards and unsecured loans, however this area still accounted for the largest proportion of debt problems that they were dealing with.
It was also announced that house prices were now 13% lower than the past year, with almost £26,500 knocked off the value of the average home.
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