Summary
Two-thirds of borrowers have unrealistic expectations of how long it will take them to get out of debt, a survey showed. The average borrower has pounds 11,000 of non-mortgage debt and thinks they will be able to clear this within three years, according to financial website Fool.co.uk.
But the group said that with most people paying only around 13% of their salary towards their debt, it was likely to take 66% of people an average of seven years and seven months to get back into the black.See the full content of this document
Extract
Seven-Year Haul to Getout of Debt
It added that repaying debt at this ra...
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