Quarter of the population facing financial meltdown

A quarter of the population – more than 11 million people – are struggling financially, including around 1.3 million who admit their finances are entirely out of control, according to a survey carried out for insurance company Axa. Almost four million people say they cannot cope with their credit card bills, while one million cannot keep up with their mortgage repayments. Around one in twenty people have been threatened with bailiffs or repossession, and more than six million people said they had no savings left at all, thanks to the credit crunch.