By analysing calls to its service and grouping them by postcode area, PayPlan has produced a list of the UK's top-ten locations for debt worries
No. of calls
Croydon, South London
Coventry, West Midlands
Nottingham, East Midlands
Brighton, East Sussex
As you can see, the South London suburb of Croydon tops the list of areas where Brits are fearful of escalating debts.
However, borrowers called PayPlan to discuss their debt problems from across the UK, with debt worries notably high in the East Midlands and West Midlands. Even residents of affluent parts of the South East -- such as Redhill (in London's commuter belt) and Brighton -- experience debt problems.
In some months, Payplan received over 10,000 calls from concerned debtors, which is more than 333 calls each day. Callers to PayPlan had average debts (including mortgages) of £83,465, with the total amount of debt the firm tackled in 12 months coming to a whopping £3.4 billion.
PayPlan noted that while some areas of the country are in recovery, others are clearly still in decline. And as mortgage rates and energy bills rise, more and more people are going to be pushed into problem debt.
Although the UK economy grew by a healthy 1% in the first half of this year, millions of British households are still struggling with outsized and expensive debts. Sadly, PayPlan reckons that, on average, only one in six people with debt problems seeks help from debt advisers.
The good news is that there are several free and unbiased debt-advice charities and non-profit organisations that borrowers can turn to for help. There are plenty of firms that offer decent debt advice but will charge you for it. There's nothing wrong with that, but if you can get the same advice without having to fork out for it, why wouldn't you?