More than 100 homes a day were taken into repossession in the UK across the third quarter of 2011, new research has shown.
The latest Credit Action debt statistics revealed a property was taken into possession every 14.28 minutes throughout the three-month period.
It means 101 dwellings were relieved of their residents on a daily basis during the timeframe.
Michelle Highman, chief executive officer at Credit Action - established in 1994 - noted family finances could be stretched even more as the festive season approaches.
The industry figure explained: "Over the course of the next 25 days there will be significant pressure for us to increase our spending and possibly borrow more to fund it."
She recommended individuals resist the urge to live beyond their means at yuletide, as doing so could result in a tough start to the new year.
On top of the repossession figures, the data also revealed the average household debt in the UK, including mortgages, stood at GBP55,808 in the third quarter of 2011, while the typical amount owed by every adult in the nation came to GBP29,539.
Over 100 homes repossessed daily
Fri, 02 Dec 2011
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