A significant number of people are struggling to keep on top of their debts, according to a new report.
Research by uSwitch.com has found that total UK personal debt currently stands at £1.39 trillion, which sees £93 billion spent on interest every year.
According to the firm, £222 billion is presently owed to credit card and unsecured loan providers, while one in four adults in the UK are having difficulty managing their debts.
Mike Naylor, personal finance expert at uSwitch.com, said that consumers have been able to gain "easy access" to inexpensive credit for a while, but this could be coming to an end.
"Anyone with multiple debts and a poor credit history could be vulnerable to the impact of the credit crunch and should seriously consider consolidation while the option is still available," he advised.
Last month, the British Bankers' Association urged people to "keep an eye" on their spending and not to ignore their bills .
News Side
'Credit card holders owe billions'
Thu, 03 Jan 2008
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