Serious debt issues emerging, says expert

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Serious debt issues emerging, says expert

A growing number of Britons are facing serious debt difficulties, as they are using borrowings to pay for essentials like food and fuel, it has been revealed.

Paul Crayston, media officer at the Money Advice Trust, said it is likely that this issue will get worse in 2012, with more people resorting to loans or credit cards to make ends meet.

Indeed, the typical profile for those heading into debt at present is not the individual who has recklessly spent, but a person who has seen their income diminish over recent years through the combination of low pay increases and rising inflation.

He commented: "If you're using a credit card or a loan to buy food, pay rent or pay utility bills, that's a pretty sure sign that you need some advice."

According to PricewaterhouseCoopers' latest Precious Plastic 2012 report, the average UK household currently has approximately £7,900 of debt.

However, levels of unsecured borrowing fell for the third successive year by over £355 per household in 2011.

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