Personal debt worries ‘affecting millions’

Millions of people in the UK are worried about their personal debt, new research has indicated.

The survey, carried out by R3, revealed four-in-ten British adults are concerned about the amount of money they owe.

It means almost 19 million individuals throughout the nation are hung up by the prospect of mounting arrears.

Among the respondents, the amount of cash run up on credit cards caused the most consternation, with more than half (51 per cent) claiming spending on their plastic resulted in financial panic.

Just shy of a third of consumers (32 per cent) worried about their debts cited their overdraft as the main cause for concern, while 19 per cent claimed they are apprehensive about bank loans and mortgage repayments.

From a geographical point of view, people living in London are most likely to be worried about their monetary situation, as 49 per cent admitted they are nervous about their current level of debt.

Individuals residing in the north east and the north west are also likely to be troubled by their finances, as 44 per cent claimed their cash flow is causing them anguish.

Those living in the east of the country, however, are the least likely to be panicked by their debt, as just 33 per cent expressed anxiety.

R3's president Steven Law described the level of worry throughout Britain as alarming.

According to the latest uSwitch.com Quality of Life Index, people in the UK endure a worse quality of life than individuals living in any other European country, based on factors such as high living costs and late retirement.

By Joe White