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Bank charges: Third of Brits say personal debt has increased in the last year

An increasing number of people may be facing bank charges as a third of Brits say their levels of personal debt have increased over the past year.

That is according to research by monesupermarket.com, which revealed that ten per cent of these say their debt has increased a lot.

Tim Moss, head of loans and debt at the price comparison website, said: "The nation has been left reeling with inflation now at 4.5 per cent, the highest levels since 2008, and the crippling effects of soaring living costs.

"It therefore comes as no surprise that people have seen a rise in the amount they currently owe, compared to 2010."

He added that the younger generation has been affected more so these people must learn to deal with debt early on.

Other findings from the research revealed that seven per cent of the people surveyed believe that debt will always be a part of their lives.

John Fieldman

Having worked in the city for 19 years, John's main focus is interest rates and corporate finance.
 ADNFCR-2776-ID-800556709-ADNFCR



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