Debt worries for millions of Britons
04/06/2010Debt is a major fear for many Britons, according to a new survey conducted by a poverty charity.
The research from Elizabeth Finn Care shows that almost three out of four (73 per cent) adults are worried about debt levels, and are bracing themselves for higher interest rates, unemployment and bills.
If they rise too high, they could end up needing to consider looking for debt solutions, such as an IVA or Debt Management Plan (DMP).
Matthew Sykes, chief executive of the charity commented that: "Our research clearly demonstrates the effects of the financial crisis on the British people. It’s worrying to see that over a quarter of those who think they will be finally worse off in six months have no savings left."
The poll revealed that nearly four in ten (39 per cent) think that they will be in more debt by the end of the year. Of this number, nearly half (46 per cent) plan to cut back on petrol and other transport costs.
Kevin Still, director of Atlantic Financial Management, says: "The poll shows that debt problems are a major concern for UK consumers and that many expect things to get worse, especially if interest rates start to rise and the coalition government's cost cutting campaigns start to hit everyone in the pocket.
"There are debt solutions available for people with varying levels of disposable income and debt levels. Debt Solutions should be based upon your own personal circumstances."
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