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Consumers `struggling to cope with mounting debt`

25/12/2008

A quarter of UK consumers are struggling to cope with their mounting debts, new research indicates.

According to a study conducted by AXA, 25 per cent of the adult population are having difficulty coping with their outgoings, while 1.3 million have admitted that their finances are completely out of control.

The company also found that 1.02 million consumers have borrowed too much money and cannot keep up with their mortgage repayments.

AXA`s Steve Folkard said: "People who bury their heads in the sand will find it difficult to avoid financial difficulties during a recession."

He added that the more aware people are of their problems, the better the chances of them surviving the difficult conditions.

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