Debt soars by £800m
Debt soars by £800m
Monday 13th October 2008
Britons are £800 million more in debt compared to last year and savings have dropped by over £4 billion, according to research by independent financial adviser website Unbiased.co.uk
The amount of money borrowed by consumers in the second quarter of this year reached £5.9 billion, which is a £757 million increase compared to last year.
David Elms, chief executive of Unbiased.co.uk, said people in debt "feeling the pinch" and he suggested that debt problems are only likely to increase if borrowing trends continue to rise while saving rates fall.
"With the credit crunch firmly gripping financial markets, it is now more important than ever for consumers to take control of their finances," he added.
Research by moneysupermarket.com last week found that one in ten borrowers feel their debts are spiralling out of control.
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