Debt concerns mounting, PwC warns

01/12/2008

A large number of Britons are very concerned about meeting their debts, PricewaterhouseCoopers (PwC) has said.

According to the accountants, around one in four people are worried about falling behind on their repayments in the future, while 16 per cent are currently experiencing difficulties with their debts.

On top of this, 14 per cent of those expressing concern are planning to load up with more debt to pay for their Christmas celebrations.

With the credit crunch continuing to hit people's job prospects, income and ability to secure a cheap loan, PwC also says that the number of charge orders - which sees a creditor fix an unsecured debt on a tangible asset owned by the debtor, such as property - issued by card and loan providers is on the increase.

Around 500 per day are currently being instigated in the UK.

"The survey shows that some people are still prepared to borrow despite the tough market conditions, rising unemployment, a depleted housing market and the increasing sense that they will be unable to repay debt in the future," Richard Thompson, partner at PricewaterhouseCoopers, told the BBC.

"This clearly spells tough times for both consumers and credit companies alike."

Tags; Debt Management and Banking, Credit Card Lifestyle,

• Share
• 
• 
• Store
• 
• Follow
•