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R3 Survey

R3 Survey Shows Half of People in Yorkshire Worried About Debt

Authored by Phil Meekin

Phil Meekin

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Approximate read time: 1 minute

The survey commissioned by insolvency trade body R3, found that people had concerns over a number of financial issues including credit card debt, bank loans, overdrafts and their mortgage repayments.

With 50% of people worried about debt, this is the highest figure recorded in the survey since September 2012.

46% of adults in the region said they ‘often or sometimes struggled to make it to payday’. Out of those who took part in the survey who felt they struggled financially to make it to their next payday, 59% blamed rising food costs, 45% cited rising energy bills and 39% of people blamed rising transport costs.

Phil Meekin, Marketing Manager at Wilson field added, “Despite today’s revelation that inflation has dropped to 1.7% it is evident that many local people are concerned about the future. Clearly, consumer confidence has some way to go.”

The survey results did reveal some optimism in the region for the future; three in ten adults expect their personal finances to improve over the next six months.

However, the survey also revealed that almost a third of the people who took part in the poll said that they don’t currently have any savings.

If you are worried about debt then please get in touch with us today. Our friendly and qualified staff can give you personal debt advice and help take away the worry. It can be a daunting topic but our friendly team will guide you every step of the way. 

Insolvency practitioners are available to help you in business. Borrowing or using your personal resources whilst admirable may not always be in anybody’s interest. So before you become another statistic, consider how an insolvency practitioner can help you.

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