Borough Tops Debt League

12.14.48pm GMT Thu 28th Aug 2008

According to the debt/credit reference agency, Experian, residents in the borough of Richmond have the highest level of personal debt in the country: £53,533 per head (the lowest is Chesterfield with £12,192).

Vincent Cable said: "this extreme level of debt is largely due to high house prices and big mortgages. But it means that our residents are badly exposed to the dangers of high borrowing costs and the squeeze on debtors in the credit crunch. That is why I have put out proposals this week for cushioning the effects of the financial crisis: tougher court procedures to stem the tide of repossession and properly regulated rent back schemes so that people can stay in their own homes even if they can no longer fully service a mortgage".

"We have had a decade or more of rising prosperity. I hope the borough is able to cope with a squeeze and serious downturn without too much financial distress".