Major debt worries for 6.5m Brits

Major debt worries for 6.5m Brits

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Video transcript

New research published by the Debt Advisory Centre has highlighted the crippling impact of debt on many households across the UK.

Research carried out by the organisation has revealed how as many as 6.5 million people worry about their debts either `all` or `most of the time`.

Overall, nine million Britons believe they currently face a problem with debt, with almost five million (56 per cent) stating they are regularly losing sleep over this issue.

Meanwhile, other negative impacts of debt reported by respondents to the poll included 55 per cent of people saying their quality of life has suffered, 53 per cent believe their mental health has been detrimentally affected and 31 per cent state the relationship with their partner has also been affected.

For 30 per cent of respondents, their physical health has worsened as a result of debt issues, while for 22 and 15 per cent respectively, relationships with family and friends have worsened.

Debt expert Melanie Taylor of the Debt Advisory Centre commented: `There are many different figures for the number of over indebted people.

`We took the simple approach of asking people if they thought they had a problem with debt and we were shocked to find one in five people say that they do.

`Debt isn`t just a financial crisis, it impacts almost every part of people`s lives, from their health to their relationships.`

Ms Taylor added that the best way to tackle debt problems is to simply talk about it.

With this in mind, some simple advice was offered by the organisation for those that find themselves facing excessive debts, with a focus on facing up to their issues and not letting the situation spiral out of hand.

The body recommends taking forthright action to get on top of debts, either by speaking to lenders directly or to a debt adviser.

Debt consolidation can be a positive means for tackling problem debts - helping borrowers to bring together all of their debts into one single, more manageable payment.

Individuals who feel they are snowed under with debt should consider contacting a professional adviser, who can talk them through the options that are open to them to address their worries. 


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