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Debt - 'Billions of hours' of money worries afflict Brits - 04/03/2008
Britons spend 13 billion hours per year worrying about their debts, the Co-op said yesterday.

Research from the bank also seems to show that money worries will take up two years of the average lifetime.

Currently, almost half of Co-op poll respondents said that they were concerned to some degree with their personal finances.

What's more, Britons currently collectively hold a total personal debt of £1.4 trillion, according to figures from Credit Action.

Scott McPhail, savings product manager at The Co-operative Bank, said: "It is worryingly clear from the research that the vast majority of UK adults are deeply concerned about their finances.

"Rising levels of debt and inadequate saving provisions [are] responsible for countless sleepless nights nationwide."

Spiralling debts can lead to drastic financial measures being required, including declaring insolvency and entering into either bankruptcy or an Individual Voluntary Arrangement.
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