Almost half of the region still worry about debt. despite talk of economic recovery

Almost half of the region remain worried about debt

Almost half of the region remain worried about debt

First published in News
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DESPITE talk of economic recovery in the UK, almost half of people across the region remain worried about debt, according to research.

The Chancellor of the Exchequer George Osborne recently announced  that the economy had moved from ‘rescue to recovery’.

However, figures released by insolvency trade body R3 show that 44 per cent of those in the North-East, Yorkshire and Humberside are still concerned about how much they owe.

Concerns around repaying loans, credit cards, overdrafts and mortgages are still prevalent in the minds of many - while 47 per cent of people reported struggling to make their finances last until payday.

Steve Ross, chair of R3 in the North East, said: “Optimism about the wider economy still isn’t entirely filtering through to how people in the region think about their own bank balances.

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

“Meanwhile, individual insolvencies have begun to rise again, as has consumer borrowing for the first time in a number of years.”

The research – which examined the opinions of people across the UK about insolvency and debt-related matters – also revealed that more than a fifth of those in the region believe their finances will worsen this year.

Comments (4)

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7:15pm Mon 27 Jan 14

Border Terrier says...

I would reckon a lot more than half.
I would reckon a lot more than half. Border Terrier
  • Score: 1

7:31pm Mon 27 Jan 14

D. Hop says...

Economic recovery means exactly that. The economy recovers, while we may not. Costs continue to grow, while our wages do not (regardless of what's reported). Oh, and during the recession I lost my final salary pension. That's not coming back either is it? Retirement age for me is now an unknown not a comfortable guarantee at 60/65.. Then there's the future of the local councils, worrying times ahead.
Economic recovery means exactly that. The economy recovers, while we may not. Costs continue to grow, while our wages do not (regardless of what's reported). Oh, and during the recession I lost my final salary pension. That's not coming back either is it? Retirement age for me is now an unknown not a comfortable guarantee at 60/65.. Then there's the future of the local councils, worrying times ahead. D. Hop
  • Score: 4

8:45am Tue 28 Jan 14

Mike2012 says...

While the are obviously those is a tough situation at present, how many people out there live BEYOND their means? Complaining about their financial situation while there smoking 20-a-day whilst watching their 50 inch plasma and dressing their kids in the latest Air Max? Maybe part of the problem is people have forgotten to BUDGET what money they do get, and actually cut down on luxuries once in a while?
While the are obviously those is a tough situation at present, how many people out there live BEYOND their means? Complaining about their financial situation while there smoking 20-a-day whilst watching their 50 inch plasma and dressing their kids in the latest Air Max? Maybe part of the problem is people have forgotten to BUDGET what money they do get, and actually cut down on luxuries once in a while? Mike2012
  • Score: 3

11:49am Tue 28 Jan 14

smithlock says...

A lot of people affected with debt problems. They try to find out the solutions of this problems. The best options for them is to contact with a professional individual organization like Insolvency Guardian (http://insolvencygu
ardian.com.au) and get advice.
A lot of people affected with debt problems. They try to find out the solutions of this problems. The best options for them is to contact with a professional individual organization like Insolvency Guardian (http://insolvencygu ardian.com.au) and get advice. smithlock
  • Score: -2

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