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Debt-ridden Brits cannot cope

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23/08/2007

Nearly three million borrowers are worried they may not be able to pay back all their debts, as the pain of five successive interest rate rises start to bite.A survey by Moneyexpert.com revealed today that seven per cent of Brits are “very concerned” about their ability to manage debt, while another 24 per cent are “concerned”. Yet a further 25 per cent admitted they had increased the amount they owe over the past three months.

Sean Gardner, Chief Executive of MoneyExpert.com, said: “With more than 2.48 million very concerned about keeping on top of their debts it is clear that there is a serious crisis brewing.

“Anyone who is very concerned about their ability to keep on top of their debts is heading for serious trouble if they do not take action now.

 “There are however plenty of ways for people to get their debts under control from consolidating their borrowing to using the equity in their home through a secured loan. It is important that people act and do not bury their heads in the sand.”

The survey also found that 23 per cent of people are debt-free and around 40 per cent of people are unconcerned or very unconcerned about their ability to manage their debts.

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