Four in every ten British adults are worried about their personal debts, new research has found.
Credit card debt is causing the most concern with worries about overdrafts and mortgage repayments also causing problems for those worried about their debts.
It appears that Londoners are most affected by debt worries whereas those living in the East of England have least to fear about their borrowings.
This research by R3, the insolvency trade body, shows how pervasive debt is throughout our society, as Steven Law, the R3 President explains:
“It is alarming, but not surprising that so many people are worried about their debt. The research shows how debt has become a fact of adult life – starting with a student loan and eventually graduating to a mortgage, credit cards and loans.”
“However, seeing debt as a way of life can lead to years of worries about financial stability. People who feel that they are struggling with personal debt should seek professional advice on managing their household budget early.”