An increasing number of British consumers are fearful that they will not be able to clear debt, according to recent research.
Figures compiled by MoneyExpert show that a total of around 13.1 million people in the UK are worried about their own ability to meet the repayment demands of their lenders – up by five per cent over the past three months.
In addition, almost a third of indebted Britons have added to the scale of their borrowing in the past quarter, which also represents a five per cent spike on the previous three-month period.
Analysts at MoneyExpert attribute these trends to the impact of inflation on the millions of people who were already struggling to become debt free.
“With close to 40 per cent of those who owe money worried about their ability to stay on top of their debts, these latest figures add up to a collective cry for help,” said Sean Gardner, director of MoneyExpert.
A report from Engage Mutual last week suggested that millions of British consumers are hoping for an inheritance windfall that will help them clear their debts.
Written by Frank Charlton