Almost 13m adults are likely to struggle keeping up with monthly commitments this year…
Almost 13m adults are likely to struggle keeping up with monthly commitments this year, according to YouGov research.
Its figures showed that almost 20 per cent of adults said that it was quite likely that they would struggle making some payments in 2008, with a further 8 per cent saying that it is very likely they would struggle.
10 per cent of adults were also refused a loan, credit card or mortgage in the last twelve months, highlighting the tighter credit controls now in place.
The study also revealed that confidence was low, with 20 per cent of people feeling less secure in their jobs than last year, and 6 per cent saying they had taken time off work in the last year because they were worrying about their debts.
Over half (54 per cent) of the adults questioned were worried that the credit crunch will make them poorer than last year too.
Chiltern’s Joanne Gill says: “This study shows that people are beginning to feel the affects of the reduced availability of credit, which is leading to worry and stress.
“People generally think they need to borrow their way out of debt but, as is becoming increasingly apparent with one in 10 people being declined credit last year, this is becoming harder to do.
“Informal arrangements, like debt management, allow temporary relief from the burden of debt, and enable people to rearrange their finances to a more affordable level. They can provide welcome relief from debts in times like these.”
