Many Brits struggling with debts

Tue, 10 Jan 2012

A high number of people in the UK are struggling with debt issues, new research has found.

Figures from the Money Advice Trust revealed 1.54 million individuals sought help from free debt advice agencies last year - up from the 1.4 million recorded 12 months earlier.

In addition, it was suggested ten million people - one-in-five Brits - are struggling to keep on top of their financial situation.

Carried out by the University of Nottingham on behalf of the Money Advice Trust, the investigation revealed an estimated 2.5 million UK adults currently owe money on at least one bill, payment or consumer credit product.

Joanna Elson, chief executive of the organisation - which was formed in 1991 and is governed by a board of trustees - noted 2011 was a difficult year for many UK families from a financial perspective.

The industry figure pointed out paying for food, heating homes and running cars is starting to account for a greater proportion of income, adding: "In short, day-to-day living will take up more and more of your money, which can make it hard to pay the bills."
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