Many Brits are likely to be concerned about how the rising cost of living will impact their personal finances.
Increased utility prices could make it more difficult to keep on top of bill repayments, which could lead to some developing a
bad credit rating.
Research from MoneySupermarket.com found the biggest concern among UK adults is energy prices, which was cited by 43 per cent of respondents.
The general trend indicated anxiety regarding the overall cost of living, as the growing expense of food and petrol came second and third with 34 per cent and 33 per cent respectively.
It was noted these worries are more pressing than other widely reported issues such as unemployment, which came fourth place with 16 per cent - almost half the score of the third most urgent concern.
Some individuals expressed concern their household budgets will become increasingly stretched in 2012.
This was found to be particularly worrying for those who fear their income situation may change suddenly.
A recent study from Bright Grey indicated many people only just manage to break even on their monthly salary after taking into account their essential outgoings, leaving little or no surplus income for consumer goods or saving.
Indeed, the MoneySupermarket.com research found 11 per cent of respondents are worried they will not be able to pay off their debts.
As long as people are able to set themselves a strict budget plan and pay as much of their debts down as they can afford, this could demonstrate to a lender the individual is able to stay in control of the situation and is a reliable borrower.
This is likely to help build a
credit rating, although experts recommend paying off more than the minimum wherever possible in order to avoid letting interest mount up and exacerbating the problem.
Posted by Martin Peacock
