Thursday 27th March, 2008 

Nearly 50% of adults are concerned about how much debt they have and whether they'll be able to pay the mortgage, a recent survey has shown.

The high street bank, Abbey, revealed the results of their survey, which indicated that 48% of adults in the UK are worried about their finances. Abbey also found that 67% were worried about being able to make their mortgage repayments in the future and about the safety of their possessions.

Perhaps it's right we should be worried about the financial future. For too long we have gorged ourselves on the fat of cheap easily available credit. However, this never really encouraged us to take an interest in our future financial health. Gordon Brown tried, through economic management, to remove the UK from the boom bust cycle. But what has now replaced it is the feast famine cycle of credit. As confidence dwindles in the financial sector due to the credit crunch we too should be reconsidering our options and debt management strategies. No longer will cheap credit be readily available as it was in previous years. We have to now prepare for the famine years; our financial survival will depend on how well we cope with this loss and how well we implement our debt management strategies.

At the core of Debtwatchdog's advice is financial control. No debt solution can be effectively implemented unless you have control of your spending. Debt consolidation, debt management, and even insolvency are all dependent on you being in control of your finances.

If you need help dealing with your debt problems or even feel that you spending is out of control, give us a call on 0800 970 2698 and we will endeavour to help you address your debt problem. I would also recommend having a look at our debt forum where you will meet people with similar experiences to yourself.