About two million adults – around 7% of the population – are “very concerned” that they may not be able to pay their debts.
Despite the rises in the interest rate over the past year, a quarter of consumers have increased their borrowing over the past three months, while one in 14 owes an extra 20% or more, research has found.
Those adding to their debt could be heading for serious problems, says price comparison website MoneyExpert.com. A survey of more than 2,000 UK adults revealed that just under a quarter were debt free, with 40% saying they were not worried about their ability to manage the money they owe.
Millions Worried By Rising Debts