Millions of Brits ‘adding to debts’

Millions of British consumers have added to their debt levels over the course of the past three months, according to recent research.

In fact, figures compiled by MoneyExpert.co.uk have shown that two million people around the country have increased the scale of their borrowings by 20 per cent or more in the most recent financial quarter.

Furthermore, the debt management study found that almost a third of Britons who owe money are either concerned or very concerned about their arrears.

The level of anxiety among people with debt problems in the UK has been partly attributed to the increase in spending and borrowing witnessed over the Christmas period.

“Whether you need to consolidate your debts with a loan or just juggle your borrowing onto cheaper products, the important thing is to work out a repayment plan and not bury your head in the sand,” said Sean Gardner, chief executive of MoneyExpert.co.uk.

In December of last year, British consumers added around £11.3 billion to their collective credit card debt level, according to figures from the UK’s payments association Apacs.