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14/09/2009 13:08:14

Debt problems 'to persist for some time'

Britons will continue to experience money management problems for some time, one financial commentator has claimed.

Pointing to recent falls in the stock market as a partial reason behind consumers' fall in wealth levels, Credit Action director Chris Tapp states that "there are more people struggling with debt than they were previously".

He goes on to cite difficulties in the employment market - where many people have faced a cut in working hours or even lost their job - as driving financial difficulties over the recent years.

Mr Tapp states these are a "real source of debt problems because they impact on people's income so heavily", adding that it is going "to be a long time" before there are any signs of improvement.

Indeed, widespread predictions that interest rates will begin to rise over the next few years means "there is a lot of pressure on household finances".

Signs of the country's money problems were highlighted in recent Credit Action figures which showed that as the end of June personal debt stood at £1,458 billion, a rise of £14.35 billion from the same time in 2008.

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