MoneyExpert.com: Credit crunch leaves people asking for help with debt

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MoneyExpert.com: Credit crunch leaves people asking for help with debt

Research released today by MoneyExpert.com has shown that more than one in eight people in the UK has been asking for help to get out of debt, as the credit crunch leaves Brits increasingly strapped for cash.

The price comparison site found that thirty per cent of UK adults are concerned about their ability to manage their loan, mortgage and credit card repayments.

However the research indicated that more than half of those who are very concerned about their debts have yet to seek help with them.

Sean Gardner, director of MoneyExpert.com, said: "The Council of Mortgage Lenders is warning about rising home repossessions and the banks are reporting growing levels of bad debts as customers fall behind on repayments.

"We'd advise everyone who is concerned to seek help early."

Recent research by credit action showed that the UK's personal total debt rose by £1 million every ten minutes over the course of 2008.

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