Three million Brits owe £10k

09 December 2005
Around three million British borrowers owe over £10,000 on credit cards, overdrafts and loans, new research has claimed.

The figures, revealed today by new debt solutions company One Advice, revealed 2.25 million of those who are in debt to the tune of £10,000 or over, owe more than £50,000.

One Advice found one in ten people are worried they will not be able to repay their debt, while seven per cent are considering bankruptcy.

Chris Holmes, chief executive of One Advice, said: "There are an alarming number of people with serious debts which they find difficult to repay. The pressure to spend at Christmas is almost certain to add to the UK's debt burden.

"Debt advisors are already braced for a surge in pleas for help next month when people realise the scale of their problems after Christmas."

Londoners were found to have the larges unsecured debts, followed by the North and Yorkshire.

Those living in the Midlands were least likely to have out-of-control debts.

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