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Debts spiralling after festive spending spree.

Europe Intelligence Wire

| January 03, 2007 | COPYRIGHT 2003 Financial Times Ltd. (Hide copyright information)Copyright

(From Leicester Mercury)

More people than ever are running up debts after spending too much over Christmas.

The past 12 months were a record year for debt, with the highest ever number of people falling into insolvency, and 2007 is expected to see the situation get even worse.

Money advisers are warning that the financial pressures around the festive season are likely to see many more people starting the new year in difficulties.

Charley Gibbons, manager of South Leicestershire Citizens' Advice Bureau (CAB), said personal debt was spiralling out of control.

He said: "We are dealing with the highest amount of debt ever. In 2006 it …

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