Debt worries plague the nation

| January 7, 2009 | 0 Comments
Debt worries plague the nation

Nearly one in three people in the UK are struggling with debt, new research has discovered.

A poll by MoneyExpert.com found that 30% of people are worried about their ability to stay on top of loan, credit card, and mortgage repayments.

The study also found that more than one in eight people have asked for advice on managing debt because they are struggling to make repayments.

However, many people - even those worst affected by debt - are reluctant to ask for help.

Over half of those who confessed to being very concerned about their debts have yet to seek advice.

Moneyexpert.com director Sean Gardner said debt is a ‘ticking timebomb’ that is liable to explode in the UK economy any time this year.

He added that everyone who is concerned about their debts to ask for help and advice as soon as possible.

Research by credit action recently found that personal debt in the UK rose by £1 million every ten minutes during 2008.

In November, the UK’s personal debt totalled £1.45 trillion.

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