Debt is Britain's 'ticking time bomb'

Publication date | 07/01/2009

Increasing numbers of Britons are seeking advice with debt management as financial pressures begin to take their toll.

An investigation by MoneyExpert.com found that 13 per cent of adults have sought help over their debt problems, but perhaps more worryingly, over half of those with severe money troubles have yet to seek support.

Sean Gardner, director of the website, said: "Debt has been the ticking time bomb in the UK economy for the past few years with regular warnings that it's about to go off.

"The fear for 2009 must be that it's about to go off."

Unmanageable debts can prove to be a nightmare for any family, but aap has found that some households are balancing the books by selling their endowment policies, receiving more money than they would by cashing them in.

Research by uSwitch.com published last month revealed that up to two million homeowners were considering take a 'mortgage holiday', at a cost of up to £7.2 billion to the economy.