Debt is "falsely propping up economy"

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Debt is "falsely propping up economy"

Ian Boden-Smyth, spokeperson for the UK Insolvency Helpline, gave a pessimistic outlook on the economy, predicting there will be an increase in the number of repossessions, insolvencies and bankruptcies in the near future.

He said that banks were trying, "to keep matters at bay by offering people interest-only mortgages or giving people holidays from their mortgage payments, but in reality this is falsely propping up the economy." ".

The Department for Business, Innovation and Skills recently announced that 11 per cent of the population are finding it difficult to manage their debts.

According to Credit Action, a person is declared insolvent every four minutes in the UK, while one property is repossessed every 11 minutes on average.

Household debt now stands at an average of £58,290 and lending increased by £0.7 billion in August last year.

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