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This article is for information only. It does not constitute advice. Chase Saunders Ltd does not provide services for savings, investments, mortgages or insurance. You should seek advice on these areas from a qualified financial advisor.
Debt worries growing
Article Category: Debt Consolidation Help and AdviceMore borrowers are getting worried about the
debt they are piling up.
That is the message from price comparison website MoneyExpert.com, which has undertaken research showing around 33 per cent of adults with debts are concerned or very concerned about their ability to keep on top of their borrowing.
In addition, despite economic slowdown worries, 27 per cent of debtors have increased their borrowing in the last three months - around 2.03 million have increased the amount they owe by 20 per cent or more.
Sean Gardner, from MoneyExpert.com, said that the interest rate cuts in December would help but it "remains the case that borrowers have to take action themselves".
He added: "The Christmas spending spree has undoubtedly had an effect and many who have increased their borrowing will probably clear their debts in the next few months."
Mr Gardner concluded by saying that borrowers struggling to keep their head above water should take action now to get their finances in order, whether a debt consolidation loan is needed or just switching to cheaper products, it was important to work out a repayment plan and not just "bury your head in the sand".
For more information on debt consolidation call our advisors on 08000 122 118 for FREE, no obligation help and advice. Created on 18/02/2008 16:34:21
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