Worried About Debt

A leading loan company has discovered that a third of adults worry about managing their debts.

Around 33% of people asked said that they were concerned about how they were managing the debt they had as a result of having their credit cards, loans and mortgages. More worryingly, 9%, which equates to around 3 million people, said that they were extremely worried about how they were going to manage the debts that they had.

One of the reasons for the rise in worry about debts can be explained by the high levels of money spent over Christmas. Three months ago, 41% of adults had outstanding debts, whereas now this figure has risen to 47%.

However, there may be 27% of people who are in debt and who have still upped the amount that they are borrowing, although it must also be noted that there are 26% of people who have started to get rid of their outstanding debts from loans . Also, there are around 41% of people who said that they have debts but they are not worried about them.

The leading loan company has said that they find it very worrying that a third of people are concerned about the amount of money that they owe. They also said that the interest rates being lowered in December and this month will help but that the onus was on the people who owed the money to come up their own debt solutions .

The Consumer Credit Counselling Service said that they had noticed a rise in the amount of debt enquiries that they had received but that they considered this a positive rise as it meant that people were starting to take responsibility for their debts by making enquiries about debt management .