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Citizens Advice highlights arrears issue
20 March 2008 10:30
The number of borrowers in arrears is rising, according to new figures from Citizens Advice, highlighting the threat that worsening debts are posing to Britain's homeowners.
Towards the end of last year, the Council of Mortgage Lenders predicted that the number of borrowers in three months' arrears or more would rise by 17 per cent to 170,000 in 2008, while the number of repossessions would soar by 50 per cent to 45,000.
This forecast would appear to be already coming to bear, with Citizens Advice reporting that its bureaus in England and Wales have posted 35 per cent more cases of borrowers in arrears over the first two months of this year than they did in the same period of 2007.
Moreover, nearly three out of four bureaus recorded increases in the number of cases of debt they dealt with over January and February, with this now the number one issue that Citizens Advice counsels on, accounting for almost one in three of all its cases.
Director of policy Teresa Perchard expressed concern over the sharp rise in mortgage arrears, warning that rising house prices and bills are putting more pressure on already stretched budgets and urging people with debt problems to seek assistance immediately.
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