According to latest research, around a third of Britons are worried about their ability to keep up with repayments. Of people who owe money through mortgages, loans and credit cards, 33% are concerned about keeping on top of their borrowings although 41% of people are not worried about their ability to make their repayments.

Despite fears of an economic slowdown, it is estimated that two million people have gone 20% or more further into the red over the past three months. There has also been an increase in the amount owed by people already in debt, up to 27% from 20%. Christmas spending on credit cards has been the main reason for these statistics with 47% of people now owing money on the cards as opposed to 41% three months ago.

However, despite meeting the cost of Christmas, 26% of people in debt have managed to reduce the amount they owe during the past quarter with 6% cutting their debts by more than 20%.

http://ukpress.google.com/article/ALeqM5is8N1ngxW5ze_GI_LJCor39Xl0PA

Back to Main News Page