Brits 'losing sleep over debt'

People in the UK spend two years of their lives worrying about debt, it has been claimed.

The equivalent of 16,848 hours or 730 sleepless nights is spent fretting over spending and borrowing, according to a survey conducted by the Co-operative Bank.

Over half of the people questioned claimed to be concerned or deeply concerned about debt, while women are apparently more concerned than men.

Scott McPhail, savings product manager at the Co-operative Bank, stressed that it is never too late for people to regain control of their finances despite their deepening concerns.

"It is worryingly clear from the research that the vast majority of UK adults are deeply concerned about their finances, with rising levels of debt and inadequate saving provisions responsible for countless sleepless nights nationwide," he said.

The Financial Services Authority has recently launched a campaign in order to help people better understand their mortgages and to advise them about repaying debt.

People struggling with debt may wish to consider consolidating their monthly outgoings into a manageable monthly payment with a personal loan.