16 June 2008
More debt problems are now being seen in the Norfolk area and consumers there owe £16 million it total, it has been revealed.
Norfolk Debtline claimed that people looking for help are indebted to the tune of £34,000 on average, with mortgage payments not included, reports the Eastern Daily Press.
Manager of the organisation Andy Cobb also highlighted that 7% of its clients have debts totalling more than £100,000.
He stated that the credit crunch and the tighter lending conditions brought with it had definitely had an impact on those who were struggling anyway.
"It's a massive social problem. The credit crunch has hit some finances and we have had clients on fixed-rate mortgage deals, who are hoping to access a cheap mortgage and can't," he told the publication.
Credit card providers has changed their deals and become a lot more stringent in terms of regulations, he added.
Director at 3rd Man Andrew Goodwill recently claimed that fraudsters are beginning to take advantage of the Address Verification System that online retailers provide.
© 2008 Adfero Ltd
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