Abacus Daily Debt News

“Awful” debt problems for one million Brits

A substantial number of British consumers are concerned about their finances and debt management, new figures have suggested.

More than one million believe their current financial situation to be "awful", according to Sainsbury’s Finance, while 3.6 million admit they either delay opening bank statements or ignore them altogether.

Karen Horsburgh, who heads up Sainsbury’s new website Money Matters, said people should ask for help rather than try to forget about their problems.

"If you have money worries the best course of action is to tackle any financial concerns head on and seek advice on how to start rectifying the situation," she remarked.

The Sainsbury’s research also revealed that some people are hiding their problems from partners. Approximately 1.75 million are concealing some form of debt, while 1.92 million try to cover up extravagant or expensive purchases.

Last month, the company stated that an increasing number of people are aiming to holiday at home this year as a result of financial worries.

By Chris Trimble