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Suffolk debt 'escalates'

Suffolk debt 'escalates'

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There are fears in Suffolk as the Citizens' Advice Bureau (CAB) said that personal debt there has hit the £25 million mark.

In total, housing debt alone stood at £503,262, the CAB in Leiston, Saxmundham and District noted, as reported by East Anglian Daily Times.

Manager of the organisation in the area Nick Mayo asserted that as a result of the credit crunch the cost of living is rising and entire economy is in trouble.

He suggested that people take on products such as personal loans but could find life difficult if their incomes are lowered.

"When times are good it is not a problem but when things turn bad you can end up losing your home. It's not just the debts but also real issues with relationships," she commented.

She added that service providers ought to ensure that they adopt a greater degree of responsibility so that people do not get into as much trouble.

Recently Norfolk Debtline claimed that arrears in that part of the world have also spiralled to £16 million.

Your home may be repossessed if you do not keep up repayments on your mortgage.

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