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Homeowners turning to debt management specialists
7 October 2008 15:41
Homeowners have been flocking to debt management specialists for help with their mortgage, it has been claimed.
EuroDebt has reported a 109 per cent rise in homeowners signing up for debt guidance, with nearly a fifth of this percentage already in arrears on their mortgage.
The firm also claims that the average level of debt for homeowners who have sought advice in the last year is nearly £32,000.
Kevin Still, director of EuroDebt, said that the number of homeowners looking for help from debt management firms had doubled in the last 12 months.
He added that many people were clearly struggling under the current financial pressures, making it more important for borrowers to take stock of the situation before it reached a critical point.
It was revealed over the weekend that the number of 95 per cent mortgages available on the financial market had declined severely since the onset of the credit crunch.
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