Indebted Brits ‘feeling the squeeze’

Millions of indebted British consumers are really beginning to feel a financial squeeze, according to new research.

Almost a third of the people responding to a Moneysupermarket.com survey recently said that their debt management problems were such that they do not know how much longer they can cope.

Only 16 per cent of respondents claimed that they were completely unconcerned by the state of their own finances, while a majority made clear that the current economic climate has left them with less disposable cash.

In general terms, the scale of Britain’s debt management burden is increasing dramatically, while the ability of individual consumers to meet their repayment demands is being diminished, the price comparison firm concluded.

A statement from Moneysupermarket.com read: “If you feel the purse strings are starting to tighten, then don’t bury your head in the sand – you must act quickly to keep all your finances in order.”

Meanwhile, Abbey recently suggested that mortgage evaluation should play a part in all homeowners’ debt management plans.