A third of adults 'are worried about their debt'
Published On 18 February 2008
Around one in three people in the country are concerned about their levels of debt, a new study has shown.Consumer website MoneyExpert.com published its Debt Index for the last three months, which showed that a third of adults in the UK were worried about their level of borrowing.
What's more, the site found that 27 per cent of people with debts increased their borrowing in the last three months. Worryingly, over two million people said the amount they owe increased by over 20 per cent during the period.
In particular, the study found that Christmas spending on credit cards helped increase debt in the country - with 47 per cent of adults now owing money as a result of plastic spending, up six per cent on figures from the previous quarter.
"The fact that one in three people who owe money are concerned or very concerned about their ability to manage their debts is worrying," commented the site's chief executive, Sean Gardner.
"Anyone who is worried that they are struggling to keep on top of their debts is heading for serious trouble if they do not take action now.
"There are many ways for people to get their finances under control. Whether you need to consolidate your debts with a loan or just juggle your borrowing onto cheaper products, the important thing is to work out a repayment plan and not bury your head in the sand."
