‘Concerned’ Brits struggle with debts
November 23, 2007 by admin
Filed under News, News-Loans
Many Brits are struggling to keep their debts under control as over one in ten reveal they are “very concerned” about their financial situation.
This figure (11 per cent) has gone up from seven per cent in just three months, with around 2.7 million people saying they have sunk further into debt by over ten per cent, according to MoneyExpert.
Sean Gardner, chief executive of the company, commented: “With the festive season just around the corner, we can only predict that the number of people worried about their ability to deal with their debts is likely to increase.
“Christmas is a massively expensive time of year so you can’t help but worry that many more are likely to become increasingly concerned about how they’ll cope.”
However, he said, there are signs that people are beginning to get their borrowing levels down, with 27 per cent of Brits successfully cutting their debts over the past three months.
Mr Gardner added that consumers must, above all, work out a repayment plan and avoid burying their heads in the sand when confronted with debt.
