Six Million Brits Fear Never Being Debt Free
October 30, 2017
As many as six million people around the UK are fearful that they will never be free from debt at any point in their life.
That’s according to research by the price comparison website comparethemarket.com, which has been looking into the nature and the scale of debt problems among consumers nationwide.
The website says that the average adult Brit now has in the region of £8,000 worth of debt outstanding, excluding their mortgages.
An increasing number of Brits are understood to be reliant on credit of one form or another to cover their essential expenses and around 12 per cent of people throughout the country apparently now fear that they will never become debt free.
That figure equates to roughly six million people who all feel that they will be in the red financially for the rest of their lives.
With that in mind, the price comparison site is urging consumers not to ignore their debt problems and to address them with the help of relevant experts where necessary.
“Right now millions of Brits could be in danger of suffering from one of the longest financial hangovers in history,” commented Shakila Hashmi, head of money at comparethemarket.com.
“While it may be hard to see an end in sight, the worst thing people in debt can do right now is stick their head in the sand.
“As well as reining in spending, there are other ways you can reduce debt, like switching to credit cards that help you get on top of debt with interest-free periods.”
Comparethemarket.com has created a new tool called a ‘Debt Free Face’ Calculator, which creates computerised images of what users might look like when they are likely to become debt free on the basis of various calculations and estimations.
A growing number of organisations are reporting on the scale of personal debt problems across the UK, as well as the issues that being over-indebted can cause.
The Money Advice Service recently released findings from a study it conducted in association with the charity group Mind which found that debt problems are often both a cause and a consequences of mental health issues.
If you live in Scotland and worried about your debts then Scotland Debt Solutions can help. Contact any of our four offices directly to arrange a free and confidential consultation.