Debt management issues ‘of greater concern’

A new survey has shown that debt management issues are a leading concern for more people than they were a year ago.

The British Retail Consortium revealed that 15 per cent of the public now list the issue of debt as their biggest worry, compared with ten per cent this time in 2008.

Such a figure has emerged in contrast to attitudes about overall financial prospects and expectations for jobs and the wider economy, all of which have improved over the past 12 months.

The situation may lead to more people concentrating on finding solutions to their debts, such as changing to new financial products that give them a better return or charge them less interest.

Figures from finance charity Credit Action have revealed that the 12 months to the end of September brought a 0.8 per cent rise in the total amount owed by UK consumers, to £1,459 billion.

This equates to £30,221 per UK adult, with this total including mortgages.

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