Debt concerns 'keep Brits awake at night'
Debt concerns 'keep Brits awake at night'
Thursday 29th May 2008
In a poll conducted by insurer PruProtect, more than half (52 per cent) of those quizzed said that their financial situation is now their most pressing concern.
This was followed by the health of their family and their own personal well being.
The fears of consumers are worsened by the fact that just 13 per cent of those polled have mortgage payment protection insurance, payment protection insurance or accident, sickness and unemployment cover, thus leaving them unprepared should the credit crunch begin to impact on the UK job market.
Sammy Rubin, chief executive officer of PruProtect, said: "There is obviously a gap between what issues we, as a society, are worrying about and what we're doing to alleviate these worries.
"Protecting ourselves in the event of changes to our personal circumstances can take a huge weight off our minds."
The poll's findings come amid predictions that more and more Britons will turn to debt management solutions, such as Individual Voluntary Arrangements (IVAs), this year.
IVAs enable consumers to gain control of their financial situation by freezing interest on the debt, with the debtor compelled to pay a set amount to their creditor each month for a pre-determined period.
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