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| Debt grows by £1m every 'five minutes' Tuesday 29th April 2008 | |
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A national charity has revealed that personal debt in the UK grows by £1 million every five minutes. The claim was made by the debt counselling charity Christians Against Poverty (CAP) and financial support services provider Stewardship who also added that personal debt now stood at £1.4 trillion. Additionally, research by the charity found that debt is putting a huge strain on families and couples. Jonathan Priestley, a CAP spokesman, said that the survey of its members revealed some worrying trends. "Our results provide strong evidence that families and couples across the UK are being pushed to breaking point and beyond, with many not eating properly, taking medication, and splitting up as they can no longer cope," he said. The survey found that 22 per cent of respondents regularly missed meals in order to meet debt repayments. A report last year by financial consultant Grant Thornton found that the total amount of money borrowed through credit cards and loans exceeded the size of the entire economy. |
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