Greater numbers worried over debts – survey

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More North West adults say they are worried about debts now than a year ago,a survey has revealed.

The number has increased from 46 per cent in February 2013 to 54 per cent – with the rising cost of living the most likely cause of people’s struggles to payday, according to research from the insolvency trade body R3.

The latest survey of almost 250 adults in the region found that 51 per cent struggle to payday, compared to 42 per cent in February last year.

The survey also found that 24 per cent expected their finances to worsen in the year ahead.

Jeremy Oddie, North West regional chair of R3, is also head of recoveries at accountants Mitchell Charlesworth.

He said: “Optimism about the wider economy still isn’t entirely filtering through to people’s bank balances.

“The rising cost of living, credit card debts, and rent costs are all preying on the minds of North West consumers, many of whom are finding that their financial breathing room is becoming smaller and smaller.”