Four in ten adults in Britain are worried about their debt, according to research by R3, the insolvency trade body. The findings show that Londoners are the most likely to be worried, with almost half saying that they are concerned about their current level of debt.
Londoners are followed closely by those living in the North East and North West where 44% of residents are worried about their debts.
For those who worry about their debt, credit cards caused the most concern followed by overdrafts and then bank loans and mortgage payments.
Those living in the East of England were the least worried with just under a third saying that they were concerned with their overall level of debt.
R3’s President, Steven Law commented:
“It is alarming, but not surprising that so many people are worried about their debt. The research shows how debt has become a fact of adult life – starting with a student loan and eventually graduating to a mortgage, credit cards and loans. However, 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.”
Source: R3 Press Release