Almost half of borrowers `concerned about debt levels`

Almost half (45%) of borrowers are worried about the level of debt they owe, according to research by insolvency trade body R3 - a 6% increase on last quarter.

More than half (56%) of these expressed concern about credit card debt, which remains the main source of worry for borrowers.

The survey also found that 43% of people believe their financial situation will worsen over the next six months, compared with just 24% who think it will improve.

An expert at debt management company Gregory Pennington said: "Debt is a concern for many people, especially in the current economic climate. Even manageable debts can be worrying, as a change in circumstances could soon make them unmanageable, so we`d advise borrowers to make sure they have some `backup` for their repayments - perhaps in the form of savings.

"But anyone who finds they simply can`t afford to meet their debt repayments should get expert advice without delay."