31 Mar 2020
Research published by insolvency firm R3 has suggested that two in five individuals worry about their debt levels.
The research revealed that 24% of Brits are 'fairly worried' about their current debt level. 8% of individuals are very worried, whilst 6% are extremely worried, according to R3.
54% of those who are worried about their debt level stated that credit cards are their biggest concern, followed by overdrafts and bank loans. 15% of people also revealed that mortgage repayments are a concern.
'Debt worries can be stressful – people worry about how and when they'll be able to repay their debts, the impact debts will have on their credit ratings and ability to borrow in the future, and the effect it will have on their ability to rent or buy property,' said Duncan Swift, President of R3.
'And it can have an emotional effect as well. It can take a toll on an individual's performance at work, personal relationships and, most worryingly, their physical and mental health.'