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PPI Claim: UK Consumers 'faced with high levels of debt'

People faced with a high level of debt or those who have money concerns could make a payment protection insurance (PPI) claim to alleviate some of their financial burden.

The average British household now owes £55,808 and every 14.28 minutes a home in the UK is repossessed by creditors, according to new figures released by Credit Action.

Consumers are making frequent use of store and credit cards. The study states that every day through September 2011 £1.28 billion was spent on plastic payments, which contribute to the £174 million that is paid on personal interest each day by British consumers

PPI claims could also help people retain some sort of income if they have been made unemployed, as the charity states that each day 1,611 individuals are made redundant.

The Money Advice Trust recently announced that it expects 16,600 people who have become recently unemployed to suffer substantial debt problems at some point next year.

Amir Hussain

Amir specialises in personal loans, consumer debt and debt management. ADNFCR-2776-ID-801229653-ADNFCR

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