A trade body for insolvency called R2 announced the results of a survey in the West Midlands about people’s personal level of debt, both the actual stats and then people’s perspectives on this. With times being hard and credit becoming almost second nature to people this has become a worrying trend on the increase, with some interesting results on what it means for individuals. Here’s some of the main findings:

1. Half of adults are infact worried about their debt, with popular types being mortgages, credit cards, bank loans, and overdrafts. This is actually people’s perspective on debt, so in reality there will be those with relatively low degrees but with a greater fear-factor of it, whereas on the other extreme those with significant amounts of debt which are not showing any signs of concern.

2. A quarter of adults then expect their personal finances to get worse over the next 6 months (from when the survey was taken). This is worrying, as it’s one thing to have concerns over an existing situation but another to believe things are going to get worse rather than feeling as if they can get on top of and deal with.

3. Nearly a half of adults are finding it difficult to make it to the next pay day. Getting-through-the-month is popular, with the text book answer being careful budgeting beforehand although easier said than done in difficult circumstances.

4. For those struggling to cover bills 60% believe this is from rising costs in food and utility bills. A surprising find that so many people think this, as opposed to other costs such as one-off expenditure, or servicing debt.

5. Professionals and youngsters are more optimistic than say the unskilled and older, which could be due to falling inflation and an increasing economy. Understandably those with time and skills on their hands will be more hopeful at steering themselves through these difficult times.

The more careful planning that can be made with personal finances the better, including helping to reduce any one-off costs, setting realistic budgets, and then keeping a track on how this actually works out in reality.

There’s help online from sites like Martin Lewis’ moneysavingexpert.com or you can speak with local financial advisors or accountants to help you get sorted. You have to make sure this is helpful and unbiased advice though, rather than resorting to say your current bank or mortgage provider just because they are easily available or pushy – shop around, and make sure you get the full picture.