The UK’s personal debt is increasing by £1m every four minutes according to the latest figures from Creditaction, the organisation tasked with improving financial education. Its monthly figures for February 2006 also revealed that more than 10m people in the UK have suffered relationship problems because of money worries and nearly half of Britons have experienced Money Sickness Syndrome. On average each household in the UK owes £7,786 excluding mortgages and £24,833 including mortgages, a rise of £200 in just one month.

Creditaction’s Richard Talbot says: “Money worries are a significant cause of worry, anxiety and stress according to GP and mental health expert, Dr Roger Henderson, who identified the condition Money Sickness Syndrome” And the Financial Services Authority, which regulates the UK’s financial service companies, agrees. Its research among consumers has identified growing financial distress including more insolvencies, more late payments on credit cards and a rise in mortgage repossession orders. And a quarter of those in debt are receiving treatment for stress, depression and anxiety from their GP.

Chiltern general manager Jackie Newton says: “Debt is a growing problem in the UK and people are embarrassed and worried if they feel it’s getting out of hand but this research shows they’re not alone”. “The first step towards managing debts is to admit you have a problem and seek help and that’s where Chiltern can help by providing an affordable solution and peace of mind”.

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