Debt fears rise as Brits permanently in the red

Wed, 14 Mar 2012

A high number of Britons are permanently overdrawn, suggesting fears could be rife among many households.

New research from MoneySupermarket has revealed more than one-third of the adult population - which works out at around four-and-a-half million people - are forever in the red, while over 17 million have made use of this facility in the last year.

According to the investigation, individuals aged between 18 and 34 are the most likely to fall into their overdraft, with 49 per cent of those in this demographic doing so in the past 12 months.

However, it appears UK adults are keen to stave off any future troubles, as it was demonstrated that more than one-third of respondents claimed they would be willing to restrict outgoings or use savings in order to avoid tumbling into the red.

Kevin Mountford, head of banking at the price comparison site - launched in 1999 - said it is not surprising to see so many consumers making use of these facilities.

Mr Mountford stated: "Times are hard for UK consumers with many people either out of work or receiving no pay increase despite the high cost of living."
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