Debt -
Debt is the number 1 concern - 09/06/2008
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The number of people concerned about their debt has risen in the last three months according to new research from MoneyExpert.com and CreditExpert.co.uk.
MoneyExpert.co.uk also believes that, with the dramatically increased cost of living, a lot more of the 13.1 million people with debt have had to increase the amount of money they borrowed in the last quarter.
Sean Gardner, Director of MoneyExpert.com, commented: "With close to forty per cent of those who owe money worried about their ability to stay on top of their debts, these latest figures add up to a collective cry for help as Britain's enormous debt mountain looms larger than ever."
"Anyone with genuine concerns about paying the bills needs to take action to avoid finding themselves in even more difficulty," Mr Gardner added.
"There are many ways to get your finances under control, from getting a debt consolidation loan to just juggling your borrowing onto cheaper products. But the important thing is to work out a repayment plan and not bury your head in the sand."
Another survey by CreditExpert.co.uk reveals that many Britons seem to be in denial about the level of debt they are in. Although 96 per cent claimed to be familiar with their finances, many respondents seemed ignorant when questioned further.
"It's alarming to see that while almost the entire UK population think they are on top of their finances, many aren't," Jim Hodgkins, Managing Director for CreditExpert.co.uk, said.
He urges consumers to take control of their finances: "Keeping track of your commitments and planning for the future are always important and in addition to checking bank and credit card statements, you also need to regularly check that your credit report is accurate and up-to-date."
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