People concerned with mortgage debt

25-Feb-2008

Consumers are concerned with their increasing levels of debt, it has been claimed

Recently published research from financial services comparison service MoneyExtra revealed that 27 per cent of consumers have increased the amount of money they have borrowed in the past three months.

Furthermore, 33 per cent of adults with debt expressed concerned about their ability to handle their debts, including mortgage debt.

Sean Gardner, chief executive of MoneyExpert, said: "The fact that one in three people who owe money are concerned or very concerned about their ability to manage their debts is worrying.

"The interest rate cuts in December 2007 and this month will help but it remains the case that borrowers have to take action themselves."

He advises consumers to work out a repayment plan for their borrowing and not ignore their debtson things such as property.

Earlier this month, independent mortgage expert John Charcol advised borrowers to strive to pay their mortgage as early as possible in order to free up funds for their retirement and other spending.

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