Britons Worry About Level of Debt Due to Brexit -
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Britons Worry About Level of Debt Due to Brexit

British consumers are worried about the effects Brexit could have on their personal finances, including their level of debt.

A new survey by Mintel has found 83% of Brits believe prices of goods and services will increase due to the UK leaving the European Union.

Almost half of those surveyed (46%) said they believe the UK leaving the EU will have a negative impact on the cost of living.

37% said they are worried about their level of debt, while 48% are concerned about how they will manage to pay bills.

Jack Duckett, at Mintel, said: "Mintel research underlines particular concern about the rising cost of in-home food, and inflation is undoubtedly going to squeeze household budgets.

Although, there was a positive result from the poll, 31% of people believe Brexit will have a negative impact on the economy, which is down from 39% in July last year.

Dealing with Debt Post Brexit

There's still a lot to be negotiated between the UK and European Union, making it difficult to understand the full effect Brexit will have on the UK economy.

Debt solutions will likely remain the same, or at least not change due to Brexit, because these are already regulated and operated within the UK.

Whether Brexit has a negative impact on personal finances or not it's important people who are struggling financially seek advice.

Dealing with Debt Before Brexit

Anyone who is concerned about their finances in a post-Brexit UK should seek immediate debt advice before the transition is finalised.

There is around two years to go before the UK finally leaves the EU and this time can be used to deal with debts and prepare household finances.

If you or anyone you know requires debt advice they can speak to Debt Support Trust on 0800 085 0226.

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