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Four in ten worried about debt problems

Four in ten worried about debt problems

- Friday, 24 September 2010

At least 40 per cent of Brits are concerned about their financial situation and any debt problems that may occur as a result.

That is according to R3, the insolvency trade body, which recommends consumers seek debt advice as soon as they get into money trouble.

The firm found that 51 per cent of people are concerned about their levels of credit card debt.

Another 32 per cent were most worried about their overdrafts and a further 19 per cent were troubled by mortgage or loan repayments.

Steven Law, president of the company, said: "Seeing debt as a way of life can lead to years of worries about financial stability.

"People who feel that they are struggling with personal debt should seek professional advice on managing their household budget early."

Those living in London were the most likely to be concerned about their levels of debt, with 49 per cent admitting that they were troubled by money.

Jasmine Birtles, founder of moneymagpie.com, recently suggested that consumers should pay off their overdraft before they started to save as people can lose money through bank charges and interest.
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