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Britain’s debt problem

Is there an acute debt problem in Britain? Yes, according to the headlines. In the third quarter of 2006 (July to September), 27,644 people were declared bankrupt or entered into Individual Voluntary Arrangements (IVAs), the halfway house between solvency and bankruptcy. This was an increase of 55 per cent on the same period in 2005. Data from the Council of Mortgage Lenders shows that in the first half of 2006, 8,140 properties were repossessed by the lender because of non-payment of the loans on them, a rise of 76 per cent on the same period last…

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