Abacus Daily Debt News

Debt repayment among leading money worries

Not being able to pay off debts is one of the top financial fears facing Brits this year, according to new research from MoneySupermarket.

The price comparison site discovered 11 per cent of respondents to its survey are concerned about debt repayment, meaning it is a greater concern than rising transport costs (seven per cent), no pay rise or bonus (seven per cent) and the inability to cover monthly rent and mortgage costs (four per cent).

Some 43 per cent of consumers cited rising utility bills as their biggest worry, placing this issue top of the list, while increasing food and petrol charges came in second and third places with 34 per cent and 33 per cent respectively.

Clare Francis, consumer finance expert at MoneySupermarket, said: "With uncertainty in the jobs market and household expenditure still high, it is important to have money to fall back on should your circumstances change."

The news comes in the same week Prudential revealed almost one-fifth of Brits will retire in debt during 2012.

By Joe White