Debt problems worsen for one in four Brits

Around one in four British adults have added to their debt management burden over the course of the last three months, according to the latest figures.

Research carried out on behalf of MoneyExpert.com also shows that around seven per cent of adult consumers in the UK have increased the amount of money they owe by 20 per cent or more during the same period.

In addition, MoneyExpert.com has revealed that seven per cent of those polled by YouGov recently said that they were “very concerned” about their debt management circumstances.

Sean Gardner, chief executive of MoneyExpert.com, said: “With more than 2.48 million very concerned about keeping on top of their debts it is clear that there is a serious crisis brewing.”

“Anyone who is very concerned about their ability to keep on top of their debts is heading for serious trouble if they do not take action now,” he added.

Accountancy firm KPMG expects to see around 130,000 British credit consumers declare themselves insolvent over the course of this year.