(PRWEB UK) 25 July 2013 -- While the country continues to struggle in the aftermath of the recession, a new Infographic published by Baines & Ernst reveals the factors that are pushing UK adults further into debt.
The Infographic, ‘Personal Debt in the UK’ from leading financial solutions company, Baines & Ernst is based on research carried out by ComRes which captured a snapshot of personal debt in the UK.
Out of those polled in the research, a staggering 42% of people said that they were worried about debt in some way.
Nick Pearson, Director of External Affairs at Baines & Ernst says, “While households have had to deal with pay freezes, pay cuts and job losses, everyday essentials such as food, petrol, gas and electric have continued to rise. Therefore, it’s unsurprising to see that 37% of people polled cited the rising cost of living as the main reason for pushing them into debt.”
When asked what additional factors contributed to their financial struggles, wage freezes, mortgage repayments, recent welfare cuts and childcare all polled highly.
“Most troublingly, 35% of people polled said they were most worried about credit and store card debts, while 14% said overdrafts caused them concern.
“This would suggest that people are increasingly relying on additional forms of credit to help cover costs in these tough economic times.
“While people may feel this offers financial relief in the short-term, it is wise to acknowledge that it could add to financial worries in the long-term – especially if you’re already struggling to keep up with repayments,” continues Nick Pearson.
With 25% of people admitting to a lack of savings and 20% stating that they do not expect their financial situation to improve within the next 6 months, Baines & Ernst advise people worried about finances to seek professional advice to overcome debt problems.
“In some cases a simple financial restructure could be all that is needed to help alleviate the pressure of the rising costs of living. For others, however, a structured debt consolidation service could help them to streamline finances, lower debt repayments and get back on track.
“Credit Action recently stated that outstanding personal debt in the UK stood at £1.424 trillion, so whatever your situation, you are certainly not alone. We urge anyone worried about debt to seek advice as there are so many solutions available that can help people manage their debts and get back in control.” concludes Nick Pearson.
The Infographic certainly makes for some interesting reading – it also highlights how similar debt triggers are for people throughout the country.
Imran Khan, Paymex Group, http://www.bainesandernst.co.uk, 0-161-216-8214, [email protected]