Wednesday 27th of May 2009
The average Briton now owes more money than they earn in a year, research has revealed.
A study by Confused.com emphasised the debt worries being faced by many people, with £1.02 typically owed for every £1 that is earned.
The price comparison site carried out research in 137 areas and found that those living in Kingston-upon-Thames, Watford and Horsham actually owe more than 169 per cent of their salary.
Head of savings, loans and debt Gemma Stanbury remarked: "As we face continued uncertainty and increased financial pressures, it is good advice for all to become more aware of what they are spending and on what."
Those who are struggling to keep on top of their debts may wish to seek IVA advice to help reduce what they owe, while Confused.com noted that debt management programmes can also be a means to tackle such problems.
Last week, a poll by Abbey revealed that one in ten holidaymakers still owe money on credit cards for trips taken last summer.
- House price rise 'may not indicate recovery'
- Equity release 'needs to be increased'
- Need for IVA help could increase as expert predicts reduction in lending
- Government announces 'breathing space' for those needing IVA help
- Lack of subprime lending creating need for IVA help, expert suggests
- IVA answers may provide protection against rising loan rates
