Phil MeekinView Profile
Nearly one in three people in the UK are struggling with debt, new research has discovered.
A poll by MoneyExpert.com found that 30% of people are worried about their ability to stay on top of loan, credit card, and mortgage repayments.
The study also found that more than one in eight people have asked for advice on managing money because they are struggling to make repayments.
However it was also found that many people were reluctant to ask for help.
Over half the people that admitted to being very concerned had not attempted to seek advice.
Sean Gardner, director of Moneyexpert.com, believes debt is a ticking timebomb likely to explode this year.
He added everyone who is concerned about their money problems to ask for help and advice as soon as possible.
Research by credit action recently found that personal debt in the UK rose by £1 million every ten minutes during 2008.
In November, the UK’s personal debt totaled £1.45 trillion.