Sums `not adding up` for many Brits

An increasing number of people across the UK are finding that they are in more of a financial mess than they thought they were, an industry expert has claimed.

The wide accessibility of credit over the last few years has left many people with large debt problems that they thought were under control, Transact stated.

As a result of tightened credit conditions through the global credit crunch, many people across the UK are now struggling to cope with their financial status, requiring professional debt advice to sort out their problems, Janet Elliott, coordinator at the company, said.

She added: "An increasing number of people are finding that their sums no longer add up. This is compounded by big increases in food costs and energy costs…A large number of people are already, very stretched."

Research by Credit Action found that total secured lending on homes at the end of April 2008 stood at £1,207 billion and that this had increased 8.7 per cent in the last 12 months.