Debt timebomb ‘to explode’

13% of people questioned* have sought debt advice after struggling to keep up with their debt repayments, a comparison website has reported, adding that 2009 may be the year the UK’s ‘debt timebomb’ finally ‘explodes’.

According to MoneyExpert.com, 30% of respondents admitted they were worried about their ability to stay on top of their debts – and 51% of the people who said they were ‘very concerned’ about their debt problems had not sought debt advice.

MoneyExpert’s director, Sean Gardner, said: “Debt has been the ticking timebomb in the UK economy for the past few years with regular warnings that it’s about to go off. The fear must be that 2009 will see the explosion.”

“Although it’s encouraging that many people are seeking debt advice,” said a debt management expert for Gregory Pennington, “it’s extremely worrying that the average household is carrying around £10,000 of debt (excluding mortgages) – especially when you consider the state of the economy.

“For anyone facing debt problems, the important thing is to seek debt advice early on. They may find that a debt management plan or other debt solution can help them stay in (or regain) control of their debts.”

*Based on a YouGov survey of almost 2,000 people, between 28 November and 1 December.

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Gregory Pennington offer debt management plans as well as a range of other debt solutions. If you are worried about your debts, contact one of our expert debt advisers now.