We reveal how more than eight million Britons are in serious debt
More than eight million Britons are in serious debt, a quarter of whom regularly struggle to meet their monthly repayments, research showed today.

Around 18% of adults have amassed more than £10,000 in unsecured debt, such as on credit cards, store cards and loans, according to debt consultancy Thomas Charles.

The figure was up from the 14% of people who owed more than £10,000 in April and the 13% of people who had amassed debts of this level 12 months ago.

The research found that....

One in 10 Britons now owes between £10,000 and £20,000
3% owe between £20,000 and £30,000
5% of people have amasse debts of more than £30,000.
Among those who owe at least five figures, 25% admitted that they frequently struggled to be able to meet their monthly repayments.
Men tend to owe more than women, with 13% of men owing more than £15,000, compared with 11% of women.
But despite this, women are more likely to struggle with repayments at 27% compared with 24% of men.

James Falla, director of Thomas Charles, said: "Over the past year, we have seen a sharp increase in the number of people who have taken on unsecured debt and are now struggling with repayments.

"These high levels of unsecured debt are clearly linked to the rise in interest rates over the last 12 months. A record rise in house prices, especially in London and the South East, has led to a growing discrepancy between mortgage payments and salaries.

"The high pressure to maintain social and commercial status, particularly experienced by women, often goes hand in hand with high expenditure on the high street."

Warning

But he warned that borrowers affected by the higher interest rates now were storing up debt problems for the future, and instead of reducing their expenditure, they were taking on further unsecured loans and credit card debt.

People living in Scotland are most likely to have debts of more than £10,000 at 19%, while those in the North are least likely to at 16%.

See Original Article

If you are concerned about any issues relating to debt then please contact us for advice. We can help keep you in control.