Mortgage News
Four in ten worry about debt
R3, the insolvency trade body, has found 40% of adults in Britain are worried about their level of personal debt, amounting to almost 19m people.
Research by R3 showed that credit card loans topped the list of debt that people were most concerned about at 51%, while 32% worried about their overdraft, and bank loans and mortgage payments both caused 19% to lose sleep.
Out of all the regions of the UK, Londoners were most concerned about the money they owe, with 49% saying they were anxious about their current level of debt, followed by those in the North East and North West, where 44% of people had financial worries.
Those in the East of England were the least worried about their overall debt at 33%.
Steven Law, president of R3, said: “It is alarming, but not surprising that so many people are worried about their debt. The research shows how debt has become a fact of adult life, starting with a student loan and eventually graduating to a mortgage, credit cards and loans.
“However, seeing debt as a way of life can lead to years of worries about financial stability. People who feel that they are struggling with personal debt should seek professional advice on managing their household budget early.”
Industry, not regulation, must lead later life lending change
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