Brits "tipped over the edge" by debt

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Brits "tipped over the edge" by debt

Britons' spendthrift ways are set to get them into trouble in the coming year, warned a debt expert.

Speaking on BBC Radio 4's You & Yours programme, Citizens Advice's Nick Lord predicted that the new year could lead to more home repossessions as consumer debt in the country soars.

Commenting on a report estimating that Brits will sign up for £5.5 billion worth of debt in the first month of 2007, Mr Lord said the charity is concerned about the increasing number of people who are struggling to repay their home loan.

He said Citizens Advice is gearing up for a bumper year in terms of home repossessions due to non-payment of mortgages.

Those who have "just about" managed to make ends meet in recent months are now being "tipped over the edge" to the point at which they are "really struggling".

Speaking on the same programme, independent financial expert Alvin Hall blamed Britons' unrealistic lifestyle expectations as the main reason for record debt levels.

He urged people to make savings a priority this year, saying that we all need to be aware of the fact that "life can suddenly change" and that preparing for the worst doesn't make you a pessimist, but means you are realistic.

However, this is not the case for many Britons. Mr Hall concluded: "But what most people do is go out and just buy and buy and buy, not wanting there to be any consequences to their actions."

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