‘Record rise in Norfolk debt problems’
Norfolk is witnessing a rise in debt management difficulties, a set of figures has revealed.
Findings from Norwich county court indicate that some 1,764 bankruptcies were recorded over the 2006-07 financial year, compared to 1,508 in the previous year and 976 in 2004-05.
Recent increases in interest rates and utility bill costs - in addition to the widening ability to take out credit - were attributed to the rise in the number of people finding themselves unable to make loan repayments, reports the Norwich Evening News.
Manager of Citizens Advice’s Debtline Andy Cobb told the publication: "We always see a surge in people going bust after Christmas, but this quarter we have seen the biggest surge ever in terms of people going bust and seeking advice."
He added: "Credit is now a part of the culture and so even though we have a buoyant economy, costs are very high and people have put themselves in vulnerable positions."
Mr Cobb also pointed out that the average Debtline client owes some £36,400 to a total of 11 creditors.
Research by CreditExpert.co.uk last week revealed that the average Briton accrues £15,000 in debt before becoming concerned about being able to make loan repayments.
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