Debt concerns ‘weighing heavily’ on Brits

Many Brits are feeling the burden of large debts hanging over them, according to a debt expert.

A combination of the credit crunch, increasing fuel and utility bill costs and spiralling food prices are all taking their toll on the British consumer, says Andrew Hagger of Moneynet.co.uk.

He adds that lenders are likely to remain cautious as to who they lend to in the current economic climate and consumers will feel their disposable incomes stretched further in the coming months.

Mr Hagger states: “Life is likely to remain uncomfortable for consumers for many months to come with the increased potential of personal debt levels undoubtedly weighing heavily on the minds of UK lenders.”

According to the most recent debt statistics from Credit Action, total UK personal debt at the end of March amounted to £1.43 billion.

This figure has grown by 8.3 per cent in the 12 last months, an increase of £113 billion.