Half of UK dealing with debt worries

47% of people are 'concerned' about their debts - showing a 7% increase compared with this time last year, research by R3 has found.

The insolvency trade body's Personal Debt Snapshot, a quarterly review of the nation's finances, revealed that credit card debt remains the biggest worry for 53% of those who are worried about their debts - a 5% rise on the previous quarter.

And credit cards aren't the only type of debt causing concern. The number of people worried about payday or other short-term loans increased by 2% this quarter, while concerns about hire purchase and store card debt also saw a rise of 3% and 1% respectively.

However, concerns about mortgage repayments fell by 4%, while secured bank loan worries dropped by 2%.

President of R3, Frances Coulson, commented: "Households that are already struggling may find traditional lenders unwilling to provide further credit and are therefore drawn to short-term credit solutions.

"Individuals turning to short-term loans and credit cards should be wary of the high interest rates that often accompany these products. Overall debt can quickly snowball out of control."