Suffolk residents ’struggle with debt’

Filed under: Debt Management @ May 21st, 2007

Suffolk residents struggle with debtAn increasing number of consumers in Suffolk are struggling with debt management, it has been revealed.

Over the last decade, the number of house repossessions in the southern county has doubled as borrowers fall behind in making home and secured loan repayments, reports the Suffolk Evening Star.

In 1997, some 219 mortgage possession orders were made at county courts across Suffolk, however by 2006 this figure had risen to 458.

Conservative MP for Stowmarket and Bury St Edmunds David Ruffley told the publication: "The colossal increase in house prices since 1997 alongside unparalleled levels of personal debt have clearly had a disastrous impact on the lives of many Suffolk residents."

He suggested the rise in debt difficulties was due to consumers being encouraged to take out loans which are larger than they can afford to repay and credit providers making "poor lending decisions".

Last month, a study by W3 Debt Solutions indicated that young people in the north-west are experiencing a rise in debt management problems, as there has been a 183 per cent increase in the number of 20 to 30-year-olds filing for insolvency over the past six months.

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