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1 in 3 "concerned" about debt
A third of people are "concerned" about managing their debts and despite fears of an economic slowdown, there was a 27 per cent rise in the amount people are borrowing in the last three months, new figures show.
Comparison site MoneyExpert's Debt Index found that of those who had increased the amount they owe in the last three months, around 2.03 million people had enlarged their debt by 20 per cent or more.
The site says spending on credit cards during the festive period was a major contributor to the rise in debt, with the number of people owing money on cards increasing six per cent to 47 per cent over the last quarter.
MoneyExpert chief executive Sean Gardner said the number of people concerned about their debts was "worrying".
"Anyone who is worried that they are struggling to keep on top of their debts is heading for serious trouble if they do not take action now," he warned.
A debt consolidation loan can be one way of managing debt, as it replaces existing outgoings with a single monthly repayment.
According to debt charity Credit Action, the average household debt in the UK excluding mortgages is £8,985.