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UK individuals are becoming increasingly worried about their debts and nearly half are struggling each month to make it to payday.

These are the findings of R3's latest Personal Debt Snapshot. The research found that as many as 60% of individuals questioned are concerned about their debts. This is an increase of 13% on July's figures and an increase of 21% when compared to the same time last year.

As debt concerns rise, R3's research has revealed that savings are falling. The number of people with no savings at all has risen sharply in the last few months. Overall 40% of the population is saving less than they usually would do.

With people struggling to get by financially each month taking out a payday loan will become a reality for many. As many as 3.5 million UK adults are considering taking out a payday loan in the next six months. However of those that have already taken out a loan of this type 60% say that they regret the decision and 48% believe it has made their situation worse.

Commenting on the findings R3 President, Frances Coulson said 'Payday loans are not the best way to resolve debt struggles. We know that many who take them out find them to be a negative experience, often escalating financial troubles.'

'Having a financial buffer is crucial to weathering periods of difficulty. If struggling to payday becomes a regular occurrence, seeking financial advice should be a priority over short term high interest credit.'

If you are worried about your debts and would like to find out more about the options you have call us today on 0800 028 4422. Alternatively complete our enquiry form and one of our impartial debt advisors will give you a call back.