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1m Britons could face bankruptcy

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22/05/2006

A million people in the UK could be teetering on the brink of bankruptcy, while eight million people have non-mortgage debts of more than £10,000.

According to debt consultancy Thomas Charles, 1.7 million people have difficulty making their debt payments, with almost a million of these people struggling to meet their financial obligations every month. Bank of England figures showed the amount of personal debt in Britain passed the £1 trillion mark in 2005, with people encouraged by low interest rates and the easy availability of credit. Much of that debt is mortgage, or secured debt, but a growing proportion is unsecured credit card or overdraft debt.

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