You are here: Home - Credit Cards & Loans -

Brits fearing for their finances

0
Written by:
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.”

 

Related Posts

Tagged:

Tag Box

Debt

Pension

Spending

Financial fitness

There are 0 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

Are you a first-time buyer looking for a mortgage?

Look no further, get the help you need by searching for your perfect mortgage

Five ways to get on the property ladder without the Bank of Mum and Dad

A report suggests the Bank of Mum and Dad is running low on funds. Fortunately, there are other options for st...

The essential Your Money guide to the April 2018 tax changes

As we head into the 2018/19 tax year, a number of key changes take place to existing policies while some new i...

A guide to switching energy provider

All you need to know about switching from one energy supplier to another.

What will happen if rates change

How your finances will be impacted by a rise in interest rates.

Regular Savings Calculator

Small regular contributions can build up nicely over time.

Online Savings Calculator

Work out how your online savings can build over time.

Having a baby and your finances: seven top tips

We’re guessing the Duchess of Cambridge won’t be fretting about maternity pay or whether she’ll still be...

Protecting family wealth: 10 tips for cutting inheritance tax

Inheritance tax - sometimes known as 'death tax' - can cause even more heartache for bereaved families. But th...

Travel insurance: Five tips to ensure a successful claim

Ahead of your summer holiday, it’s important to make sure you have the right level of travel cover or you co...

YourMoney.com Awards 2018

Now in their 21st year, our awards recognise the companies offering the best products and services to consumers

Money Tips of the Week

Read previous post:
SSE announce price increase

Scottish and Southern Energy (SSE) has increased its electricity and gas prices by 14.2% and 15.8% respectively, effective from 1...

Close