Debt fears grow as Brits fail to cut back on borrowing
One in three worried over debts
Tuesday, 03 Jun 2008 14:27
Over a third of people with debts are concerned about whether they will be able to repay them or not.
A poll by Moneyexpert.com reveals 38 per cent of people with debts say they have worries about being able to repay them – a rise of five per cent on three months ago.
Eight per cent of those with debt are now 'very concerned' about their position.
As fuel and food prices rise and put pressure on budgets, 32 per cent of people with debt admitted they have borrowed more in the last quarter.
Only 24 per cent have managed to cut their debts.
Sean Gardner, director of MoneyExpert.com, said: "There are many economic and political measures of a downturn, but there is nothing quite as real as people in debt saying they can’t repay the money they owe.
"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.”
He added anyone with genuine concerns about paying bills needs to take action to avoid finding themselves in even more difficulty.
"Many people are not in severe trouble but are becoming increasingly worried nonetheless. There are many ways to get your finances under control, from debt consolidation to just juggling your borrowing onto cheaper products," he said.
“But the important thing is to work out a repayment plan and not bury your head in the sand."