THE number of people across Britain who fear not being able to meet repayments on their debts has shot up, according to York-based firm CPP.
The latest data gathered for CPP Group's quarterly debt reports reveals the percentage of Britons with major worries over debt has risen from 18 per cent in October to 26 per cent in January.
Mortgage repayments continue to top the list of financial worries for a third of the population. Some financial commentators have suggested that current levels of consumer debt are sustainable while unemployment and interest rates remain low.
But CPP Group's findings reveal that people are becoming increasingly nervous about their outgoings and their ability to manage their debts.
The research saw the company, which has its York operation based at Holgate Park, ask a representative sample of 2,000 people what they most feared not being able to repay in the next three months.
Key findings included:
More homeowners aged under 25 were concerned about meeting mortgage payments, 15 per cent in January compared to eight per cent in October
Mortgage fears have risen among women, 28 per cent to 33 per cent, but fallen among men, 38 per cent to 34 per cent
People aged over 55 were more concerned about their council tax payments
Young people are less concerned about their overdrafts than they were, 11 per cent compared with 20 per cent.
The north/south divide is still a factor, with half of all those in Yorkshire anxious about mortgage repayments compared with less than a quarter of those living in the South.
Julia Procter, from CPP Group firm dma, said: "A gloomy stockmarket, uncertainty over house prices and the first credit card bills after Christmas are the backdrop to a feeling of economic insecurity.
"The availability of instant credit, often combined with low interest rates, also means it can be tempting for people to run up debts on the 'never never' that they're not able to service. Now, more than ever, people must take extra care when managing their money, and talk to someone if the feel they are running into difficulties."
Updated: 09:27 Monday, February 17, 2003
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