Serious debt causing ‘concerns’ for Brits

A new study has found serious debt is the second biggest financial worry for British consumers.

In a survey by Fool.co.uk, managing serious debt is the second “biggest financial gaffe”, with one in 14 people questioned (seven per cent) saying taking on more loans than they can afford is their biggest concern.

This was followed by
credit card debt
, with one respondent in 17 (six per cent) citing debt management issues brought on by plastic spending as their most serious financial problem.

Agreeing the “wrong” mortgage was also a worry, with two per cent saying their personal wealth has been damaged by choosing one.

David Kuo, head of personal finance at the website, said people should ask for help to clear debt and ask for advice on debt management.

“In an increasingly complex financial world it is good to know that help is only ever a mouse-click away. And if you don’t ask, you will never learn,” he commented.

Meanwhile, Fool.co.uk, citing figures from BCIS/Rics, warned this week that home improvements may reduce the value of property.

By Morwenna Kearns