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Rising credit card debt could increase debt advice needs

Rising credit card debt could increase debt advice needs

- Monday, 9 November 2009

An increasing number of people could seek debt advice as a result of soaring credit card debts.

According to new figures from PricewaterhouseCoopers (PwC), bad credit card debts could rise to as much as nine per cent of all debts by the close of 2010, having already hit historic highs of six per cent.

The trend of people becoming unable to pay their loans could result in an increase in the number of those looking to find a solution to their problem before the debt becomes impossible to repay and seeking professional debt help.

PwC has suggested that while bad debt levels are still a significant problem, the attitude towards credit card borrowing- from both consumers and credit companies - is improving.

PwC told the BBC: "[New creditor attitudes are in] stark contrast to the time when credit card issuers accounted for one in every four pieces of junk mail that made it through our letterboxes."

Total consumer debt currently stands at approximately £1.5 trillion.
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