/24-7PressRelease/ - LONDON, UK, June 10, 2006 - A new report says that personal debts are on the rise by 150 per cent over the last year at Guernsey -a British Channel island. Debts have grown from 2 million in 2004 to 5 million in 2005, the annual study by the Citizens Advice Bureau revealed. Obviously, mortgage loan costs were said to be one of the prime reasons for the increase in debts, unsecured loans and credit cards also added some momentum to it.
According to the latest report, there is 150 per cent substantial rise of personal debts in Gruesny, a British Channel Island over the past year. An annual study conducted by BBC shows a remarkable increase of 3 million pounds in debts which are under management.
Mortgage loan costs were named as the main reason of the raise, credit cards and unsecured loans has also shown its significance in the process. Kate Raleigh, bureau's manager told BBC that he couldn't visualise the reason for borrowing, just to get some free money that is available on board. It is very enticing to keep on borrowing for every small or big need. But borrowers have to keep in mind that owed money has to be repaid with interest. At times, you have to pay huge penalty in case of repayment failure.
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