UK homeowners are struggling to dig themselves out of debt because of a sluggish property market and a reluctance of banks to lend to cash-strapped consumers, a claim suggests.Brits who needed to get their hands on credit could, in the past, have searched for the best remortgage loans, according to Debt Free Direct.
But now people are "locked within their property" and can no longer rely on such a cash lifeline to plough through their debts.
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Those Brits who do own a home should consider renting a room out to cover the costs of a mortgage, the debt organisation advises.
Derek Oakley, Operations Director at DebtFreeDirect.co.uk, states: "In the last 12 months we have seen a 25 per cent increase in people with serious debt problems with annual earnings of over £35,000."
Indeed, many Brits might be facing repossession after it has been revealed Northern Rock gave out £800 million-worth of 125 per cent mortgages in the months after the government had to support it with taxpayers' money.
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