UK debt is "completely out of hand"

Debt in the UK is reaching levels that are out of control, according to one independent financial adviser.

AWD Chase de Vere has claimed that despite warnings over unmanageable credit repayments, many people only become "wise" to debt when it catches up with them.

With interest rates rising, Susan Hannums, savings manager with the firm, claimed that more people are "feeling the pinch" from mortgage repayments and general debt.

"You've just got to be totally sensible. Debt in this country is completely out of hand," she said.

"At some point you've got to start clawing back and be sensible with your spending."

Ms Hannum's comments come in contrast to a recent study by Alliance & Leicester, which found the total value of savings and assets in the UK to be roughly four times higher that that of the nation's mortgages and debts.

However, the wealth is not evenly spread, the bank revealed, as 51 per cent of the nation's net assets and 46 per cent of total savings belong to people in London, the South East and the South West of England.

source moneynews.co.uk

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