The Consumer Credit Counselling Service (CCCS) has outlined what it sees as the biggest problems facing indebted Britons.
Many thousands of people have committed themselves to mortgage deals that see them hand over large chunks of their monthly earnings and others are faced with the prospect of remortaging in an environment when credit is in limited supply, the service has suggested.
Additionally, the issue of negative equity is becoming increasingly real for millions of homeowners and many of those who have borrowed via sub-prime lenders are struggling to become debt free.
Furthermore, the CCCS has noted that living costs are rising for all sectors of the society and are adding to the weight of existing debt management burdens.
According to the Council of Mortgage Lenders, more than 27,000 homes have been repossessed so far this year.
By Dan Mather