A quarter of adults have taken on additional debt in the last three months

A quarter of adults have taken on additional debt in the last three months in a bid to ease the strain of keeping up repayments on their debts according to research by MoneyExpert.com.

It revealed that 7 per cent of Britons are very worried about repaying their debts and 7 per cent have added 20 per cent or more to their debts fairly recently. Only 65 per cent of people have not increased their debt or paid some of it off.

Chiltern’s Simon Duffy says “People in the UK need to understand that the cost of borrowing has increased significantly over the last 12 months.”

“Setting an accurate and honest monthly budget will help them focus on priority debts and ensure money is not being spent unnecessarily.”

“If people are worried that they may not be able to make debt repayments or have already started to miss payments then they should take action today and get some debt management advice, additional borrowing will not help their situation.”

If you’re struggling with debts Chiltern can help you take control today. The research was conducted for MoneyExpert.com by YouGov in July this year. Call us FREE now on 0800 043 2332.