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Debt management concerns for 3 in 4

Debt management concerns for 3 in 4

- Friday, 1 May 2009

UK debt management efforts are increasing as nearly three-quarters (74 per cent) of consumers have arranged no new lending since the start of the recession, it has been revealed.

Figures from the Fair Investment Company show that debt management has become a greater concern since the start of the economic downturn.

However, nine per cent of people have added to the UK debt management burden by entering into debt for the first time in their lives.

Four per cent of people have taken their first credit card, with a further five per cent taking out their first personal loan.

Meanwhile, six per cent have turned to the less formal debt management option of borrowing money from friends and family.

Ahead of the recent Budget announcement, the Fair Investment Company published figures showing that 63 per cent of UK households were facing stretched finances.

The financial services provider added that, for one in ten households, the current economic situation has placed their home in jeopardy due to mortgage repayment difficulties.ADNFCR-2300-ID-19150315-ADNFCR
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