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Thursday, 7 February 2008

10 million people may default on repayments for mortgages, credit cards or personal loans by the end of the year.

10 million people may default on repayments for mortgages, credit cards or personal loans by the end of the year.
A forecast from one of Britain's biggest accountancy firms, says that "the merry-go-round of credit is about to stop", as millions of people realise their take-home pay is not enough to service their debts.
Britain is more indebted than any other country in Europe
According to KPMG, 22 per cent of those adults with debts - equating to 6.6 million - are already finding it difficult to meet their repayments.
However, 35 per cent - or 10.6 million - are worried they will find it even more difficult to pay back their debts in a year.
The figures come from a KPMG survey conducted by YouGov and commissioned by the ITV documentary Repossession,

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