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Brits fearing for their finances

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25/03/2008

A Budget survey by Moneysupermarket.com found 30% of Brits don’t think they can cope much longer financially.

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% 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.

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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