Campaigners have long warned of the problem and it is now official: Britain has a growing debt problem at levels not seen since the global financial crisis almost a decade ago.
Borrowing through credit cards, overdrafts and car loans – unsecured consumer credit – and other forms of financing has topped £200bn, confirming grim predictions from debt charities of the spiralling problems they see on the ground. Recent figures from the Bank of England have shown it grew by 10% in the year to June to £210bn, the highest figure since December 2008.
There is a bunch of people hanging on by their fingernails and a little shock to their finances pushes them over the edge, said Peter Tutton, of debt charity StepChange.
The charity estimates th…
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