Product category:
Banking / credit / debt
News Release from: Moneysupermarket.com | Subject: Consumer debt
Edited by the Insidemoneytalk Editorial
Team on 24 March 2008
Five out of six Brits fear for their
finances
Survey reveals 84 per cent have financial worries. 30 per cent fear they won't cope much longer
Last week's budget could be the final financial straw for many Brits A budget week survey by price comparison site moneysupermarket.com found 30 per cent of Brits don't think they can cope much longer financially
This article was originally published on Insidemoneytalk on 23 Feb 2007 at 8.00am (UK)
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Tim Moss, head of loans and debt at moneysupermarket.com, said: "I am really surprised by the extent of worry out there.
Close to a third of Brits have obviously been really spooked by the budget.
"There is little doubt many Brits will find their annual road tax as high as the value of their car as from next year, creating a massive headache for people who are really struggling.
These are some of the unintended but very real victims of the budget.
"Just 16 per cent of Brits said they had no financial worries, indicating people from all walks of life and income levels are feeling the pinch from rising bills and taxes.
"UK consumers owe more than £1.3 trillion on loans, credit cards and overdrafts, and while these debts are rising, the ability to cope with repayments is declining.
Tim Moss added: "Anyone starting to worry about their financial situation shouldn't bury their head in the sand - problems are easier to tackle when addressed early.
"People should start by gathering their paperwork and working out the true scale of their problems.
From there they must prioritise bills and pay the essentials such as mortgage or rent first.
Non-essential items such as magazine subscriptions and pay-TV might have to sacrificed.
"If you feel unable to sort out your money worries yourself, start by getting some free independent advice from organisations such as the Citizens Advice Bureau or the Consumer Credit Counselling Service.".
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