AXA Warns over 3.7 million people are struggling with credit debt

A quarter of the population is facing financial meltdown with many of the effects of the credit crunch to blame, according to new research from AXA
According to AXA over 3.7 million people who are struggling to control their finances are failing to cope with mounting credit card bills and 1.02 million people have borrowed too much money and can’t keep up with mortgage repayments.

And AXA warns that some are facing worse problems with over three quarters of a million people saying they have been forced to apply for an Individual Voluntary Arrangement and around half a million threatened with the bailiffs, or worse, repossession.

Some 6.1 million people have no savings left at all and around 1.7 million people say their investments have all but disintegrated thanks to the credit crunch. According to AXA, in all some 11.6 million people (25 per cent of the adult population) are said to be struggling financially with a significant number – around 1.3 million people – admitting their finances are entirely out of control.

The statistics have been published to coincide with the launch of AXA’s My Budget Day website, which provides consumers with a series of online tools designed to help them take control of their finances in just one hour each month.

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