UK consumers are increasingly worried about their finances and outstanding debts. We currently owe more than £1.3 trillion on loans, credit cards and overdrafts, and this is rising. However our our ability to cope with repayments is declining.

A survey carried out by moneysupermarket.com reveals that 84% of consumers have financial  worries, while 30% say they cannot cope. The budget earlier this month may be the final financial straw for many.

"I am really surprised by the extent of worry out there. Close to a third of Brits have obviously been really spooked by the budget,” says Tim Moss, Head of Loans and Debt at moneysupermarket.com. "Just 16% of Brits said they had no financial worries, indicating people from all walks of life and income levels are feeling the pinch from rising bills and taxes."

Moss warns consumers not to stick their head in the sand, but to take immediate action and deal with their problems. “People should start by gathering their paperwork and working out the true scale of their problems. If you feel unable to sort out your money worries yourself, start by getting some free independent advice from organisations such as the Citizens Advice Bureau or the Consumer Credit Counselling Service."