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UK debt crisis: 10 places where rate rise could hit hard

With the UK staring at its first interest rate rise in more than 10 years, the Money Advice Service highlights the parts of the country which could be sent reeling by a hike.

Debt crisis

With Bank of England (BoE) governor Mark Carney becoming more hawkish by the day, the level of debt in the UK potentially poses a huge problem.

Investment bank UBS is forecasting a rate hike as soon as November. The last time UK consumers experienced a rise in the cost of borrowing was more than 10 years ago. Should the BoE proceed with a rate rise in a couple of months, it will put tremendous strain on some of the most indebted parts of society.

Households are reported to have racked up some £200 billion-worth of debt, leading the business and Treasury select committees to urge the government to set up an independent public inquiry into the problem.

According to Money Advice Service, there are at least 10 areas of the UK where more than a fifth of the population are already struggling to repay bills...

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Debt crisis

With Bank of England (BoE) governor Mark Carney becoming more hawkish by the day, the level of debt in the UK potentially poses a huge problem.

Investment bank UBS is forecasting a rate hike as soon as November. The last time UK consumers experienced a rise in the cost of borrowing was more than 10 years ago. Should the BoE proceed with a rate rise in a couple of months, it will put tremendous strain on some of the most indebted parts of society.

Households are reported to have racked up some £200 billion-worth of debt, leading the business and Treasury select committees to urge the government to set up an independent public inquiry into the problem.

According to Money Advice Service, there are at least 10 areas of the UK where more than a fifth of the population are already struggling to repay bills...

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Hackney - 20.9% have a debt problem

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Leicester - 21% have a debt problem

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Manchester - 21.5% have a debt problem

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Hull - 21.5% have a debt problem

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Blaenau Gwent, South Wales - 21.6% have a debt problem

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Barking and Dagenham, East London - 21.8% have a debt problem

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Nottingham - 21.9% have a debt problem

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Sandwell, West Midlands - 22.1% have a debt problem

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Tower Hamlets, East London - 22.7% have a debt problem

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Newham, East London - 22.7% have a debt problem

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