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Debt - Rising debt is a worry - 19/05/2008
The rising cost of household bills and taxes are to blame for a record number of people finding themselves in debt an industry expert has warned.

Chris Tapp, director of charity Credit Action, commented that the need to for Britons to spend more money than ever on the basic necessities meant that the country could be heading for massive debt problems in the future.

He said: ‘‘"It could well be that people who need to find that little bit of extra money to get them to the end of the month or pay the gas bill may revert to credit to do that," he explained.’’

He continued "It may be a reasonable option in the short term, but people have to be very careful they don’t find themselves overly reliant on credit which is unsustainable in the long run and can lead to people getting in real difficulty."

It has been reported household bills have risen from 25 per cent to 31 per cent over the last six years and that the total UK personal debt a stands at over £1.4 trillion.

To counter this a leading personal finance expert has urged people to tackle this problem head on.

Cliff D’Arcy said: ‘‘If you are having problems with meeting your credit card payment get in touch with your credit card company and your bank, explain the situation, and see if they are willing to freeze the interest or relax your payments so you can try and balance your budget again."

For people in serious debt, Mr D'Arcy said it was important to get the best possible advice before deciding how to tackle the problem.
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