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Personal debt 'reaches £1.43 trillion'

 

A new report has suggested that almost nine million Britons are living with 'serious debt problems'.

Personal borrowing now stands at an estimated £1.43 trillion, according to the latest figures from the Bank of England, and a recent survey from the Money Advice Service warns that many individuals are failing to seek appropriate financial advice.

The report revealed that 18% of adult Britons consider themselves to have serious financial problems, having been at least three months behind with their bills in the last six months, or feeling that their debts are a 'heavy burden'.

More than four million of those affected have been struggling to pay their bills for more than a year, while 48% reported that they struggle to afford basic necessities.

The areas of the UK most affected by high levels of personal debt are Hull, Nottingham, Manchester, Knowsley and Liverpool. In all of these areas more than 40% of the population were found to be 'over-indebted'.

Those affected are from a diverse group, with levels of knowledge and skill sets ranging widely.

We can help to ensure that you are making the most of your personal finances. Please contact us for further information.