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Homeowners getting debt help on the rise 14 August 2013

The number of homeowners seeking help with debt problems has soared 52% since 2008, according to the latest figures from the Debt Advisory Centre.

The organisation, which is part of Think Money Group and provides debt management plans, has seen a more than 50% rise in homeowners on its debt solutions compared to five years ago.

In 2008, homeowners accounted for 25% of Debt Advisory Centre’s clients but this figure has increased to 38% today.

It suggested the figures confirm many homeowners have taken on mortgages they cannot afford to repay.

It said that some homeowners can only afford their mortgage payments as a result of low interest rates and added that people could “begin to struggle” when the Bank of England eventually increases its base rate.

Melanie Taylor of the Debt Advisory Centre said: “Debt problems are always worrying, but they can be all the more serious for homeowners who fear they may lose their home.

“However, there is nearly always a way to avoid things getting to that point if you act early.”

 

 

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