R3: 40% worrying about debt

By Nicholas Boyle - Financial specialist

According to research by insolvency trade body R3, 40% of adults in Britain (almost 19 million people) are worried about their debt.

R3 found that people living in London were the most likely to be worried, with nearly half (49%) admitting they were `concerned about their current level of debt`. Londoners were followed closely by those living in the North West and North East of England - where 44% of people were concerned about their debts.

Credit card debts caused the most concern (51%), while 32% of those concerned were most worried by their overdraft, and 19% were worried about bank loans and mortgage payments.

Residents living in the East of England were the least worried about their debts, with 33% saying they were concerned about their level of debt.

Steven Law, President of R3, commented: "It is alarming, but not surprising that so many people are worried about their debt. The research shows how debt has become a fact of adult life - starting with a student loan and eventually graduating to a mortgage, credit cards and loans."

A debt management expert at Think Money added: "We would advise anyone worried about their debt to address their problem as soon as possible by talking to a professional debt adviser. No matter how serious their debts are, there is help available when it comes to finding a solution."

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