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CAB deals with over 9,000 new loan and debt problems every day

By Sarah Engle, Thu 30 Jun 2011 - Published in Loans

The Citizens Advice Bureau (CAB) deals with over 9,000 new loan and debt problems each day, according to figures from Credit Action.

Its July debt statistics revealed that the average amount owed by UK adults, including mortgages, is £29,839.

On top of this, the charity's report highlighted that 1,271 Brits are being made redundant each day and that over 829,000 people have been unemployed for more than 12 months.

Joanna Parsley, associate director at Credit Action, said: "Both secured and unsecured lending have increased this month, lifting both the average amount owed by every UK adult to £29,839 and the average amount of debt per household to £55,862.

"It's important that with outstanding debts, consumers are looking to clear balances as soon as possible."

Recently, uSwitch.com revealed that on average it takes graduates 11 years to pay off their student loans and debt which is putting many of them off buying a house or getting married until it is cleared.