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Bank charges: Half of nation 'concerned about debt'

Half of the nation is concerned about debt, which could include bank charges they are experiencing.

According to R3's Personal Debt Snapshot, a quarterly tracker of the nation's finance conducted by the insolvency trade body, there has been a seven per cent increase in the number of people concerned about debt.

Credit card debt was the biggest concern, with 53 per cent of people citing this as their main worry.

Other debt woes included payday or other short-term loans, hire purchase and store cards.

Frances Coulson, president of R3, said: "Households that are already struggling may find traditional lenders unwilling to provide further credit and are therefore drawn to short-term credit solutions.

"Individuals turning to short-term loans and credit cards should be wary of the high interest rates that often accompany these products. Overall debt can quickly snowball out of control."

Findings also showed that 27 per cent of people are saving less than they normally do, while 21 per cent are putting off big financial decisions.

John Fieldman

Having worked in the city for 19 years, John's main focus is interest rates and corporate finance.
 ADNFCR-2776-ID-800698297-ADNFCR



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