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According to a report by the Money Advice Service, around 8.3 million people in the UK struggle with problem debt.
The areas where most people struggle with debt include East London’s Barking and Dagenham, Newham and Tower Hamlets, while Sandwell and Nottingham also have high proportions of individuals with problem debt.
All unsecured debt, as well as a few special types of secured debt, can be consolidated.
This is unsurprising: just as income generally rises with age, so do outgoing costs, such as mortgages and credit card debts.However, it's also true that young families are particularly vulnerable to debt, which might account for why the 25-44 age band tends to require higher loan amounts.Interestingly, people who are 75 require the second lowest loan amounts, possibly due to the long-term financial assets that many older people have.The average household had £7,616 of consumer debt in December 2017, according to the Money Charity.If you borrowed £7,616 to consolidate your debt over three years, at a representative rate of 3.6% APR and an annual interest rate of 3.60% fixed, you would pay 36 monthly instalments of £223.31.
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As densely populated inner-city areas, this suggests that indebtedness may skew to an urban demographic.