Debt-ridden Brits yet to experience the worst
Debt-ridden Brits yet to experience the worst
Monday 27th October 2008
David Kuo, head of personal finance at Fool.co.uk, said Britain is only in the early stages of a recession, with tougher economic times still ahead.
As the nation's economy slides into recession, many people could lose their jobs next year and face crippling debts, research by the financial advice website has suggested.
One in eight Britons are spending more than they earn each month and a further 70 per cent of people have less than a fifth of their monthly income to spare after they have paid off their household expenses, a survey by the firm found.
"It is important to tackle our finances head on now before it is too late to do anything about it," Mr Kuo said.
Meanwhile, a Legal Services Research Centre survey has suggested that about 130,000 Britons have visited their GP about stress-related ill health caused by debt worries, reports the Daily Telegraph.
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