Consumers worried about rising debt and bills

In the CreditExpert.co.uk report, 41 per cent of adults said that they were worried about household bills and 11 per cent fewer people now expect to be able to pay their bills.

“The recent increases in household bills have hit many people hard and caused them to cut back on their spending,” said Jim Hodgkins, managing director of CreditExpert.co.uk.

He urged consumers to ensure that they had a proper debt management plan in place to ensure that they could “keep on top” of their finances.

“It’s at times like these that we need to keep on top of our financial situation and be prepared for any unexpected payments,” said Mr Hodgkins.

On the positive side, the report noted, much like payments association Apacs and Alliance & Leicester, that some people are heeding the need for debt management as credit card debt levels are said to have reached a plateau.