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Southerners Suffer Most Debt Trouble

10 September 2010

People living in the south of the UK have been hit the hardest by the recession with London in particular witnessing an ‘affluent population’ decline of nearly half a million.

According to the Datamonitor report although southerners are still better off overall, some areas have seen a severe reversal of fortune with many suffering with debt problems.

“The future months are going to be difficult for specific pockets and sectors of the UK population,” warned John Fairhurst, Payplan (debt advice specialist) managing director.

“While credit card statements still carry the excesses of the summer holidays, Christmas is fast approaching and coupled with the prospect of expensive winter fuel bills, people could find themselves facing even bigger financial worries.”

Latest figures from the Institute for Fiscal Studies (IFS) predict the Government’s first budget cuts will hit poorest families the hardest, with their incomes experiencing over five percent cuts.

“If you’re struggling to keep up with credit repayments and money issues seem to be getting out of control, seeking debt advice doesn’t mean you’ve failed,” Mr Fairhurst added.

“We can’t emphasise enough how debt can drag you down and when families and children are involved, it can be so much worse.”

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