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77 years to pay off debts

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24/05/2006

Those debt-laden UK borrowers currently seeking help could take 77 years to pay off all they owe, according to Citizens Advice.

The charity says this is because that the typical debtor approaching it for guidance earns around half the national average wage. On average, people seeking help from Citizens Advice were £13,153 in debt.

It claims that people are condemned to a “lifetime of poverty”, unable to even afford the fees required for declaring bankruptcy. Citizens Advice said the number of people seeking counselling for credit card and loan debt had doubled in the past eight years.

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