News Article Published:
Monday, 18 February 2008
Category:
Financial Services
Increasing concern among consumers about debt levels could see many borrowers clearing their debts over the next few months, according to an industry expert.
Research by MoneyExpert.com indicates that 2.03 million Britons have increased the amount they owe by at least 20 per cent over the last three months.
Figures also reveal that one third of adults with debt are either concerned or very concerned about their ability to stay on top of borrowing.
According to the financial advice website's chief executive, Sean Gardner, "many who have increased their borrowing will probably clear their debts in the next few months".
He adds: "Anyone who is worried that they are struggling to keep on top of their debts is heading for serious trouble if they do not take action now."
According to research by Key Retirement Solutions, 40 per cent of people used equity release to service debt in 2007.
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