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Bank loan: More Britons likely to be in debt in the future

The number of Britons struggling with debt over the coming years is likely to increase in the future, it has been claimed.

David Rodger, managing director of Debt Advice Foundation, claimed job cuts, pay freezes and VAT rises will all contribute to increased levels of debt.

He said: "The downturn in the economy has certainly had a big impact on households across the country, and with redundancy and loss of working hours having become more prevalent, people are finding it increasingly difficult to manage their debts."

Mr Rodger added that for many people, the reality of their debt does not hit home until their financial situation reaches a crisis point.

Research from moneysupermarket.com has revealed that the total level of personal debt is currently over £1,460 billion.

Despite this, 60 per cent of people surveyed said they would not worry about their debts even if they lost their jobs.

The threat of debt collectors will only cause concern for a third of UK consumers, while 66 per cent said they would not be concerned if they were in too much financial trouble to pay their utility bills.

Posted by Charles Baker

Charles is a reputed financial analyst with almost decades of experience under his beltADNFCR-2776-ID-800002615-ADNFCR



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