Residents in Croydon are the most worried about their spiralling debts than anywhere else in Britain.

According to postcode analysis from debt management firm PayPlan, people in Croydon fret the most about paying off loans and mortgages.

The company have created a map using the locations of the 40,000 people who have sought help with their debt over the past year.

Figures show 144 calls were made to the company from the CR0 postcode, with Coventry named as the next highest area with 95 calls.

Ed Swain, a public sector worker from Croydon, contacted PayPlan after falling into debt six years ago.

He said: "I was earning a reasonable wage and enjoying the finer things in life.

"It seemed to be the normal thing in society to use bank loans and credit cards on holidays, cars, weekend breaks and other luxury items, so that was what I did.

"In your mind while your spending it seems easy to say 'I can pay that back monthly.'

"However in my case, as in many others, there then comes a point where you can no longer afford the monthly payments along with all the other household bills."

With his wages frozen, the increased cost of living took its toll on Mr Swain's finances and he fell into arrears after failing to maintain his minimum payments.

He said: "I then decided to borrow more money to pay off the current debts and ‘consolidate’ them leaving one monthly payment which, in hindsight was also unaffordable.

"This ‘robbing Peter to pay Paul’ situation continued for the next four years.

"During this time I had sleepless nights, my relationship with my family and loved ones broke down. I was unable to perform to the best of my ability at work and wanted my life to end."

Eventually Mr Swain contacted a counselling service through his work, who recommended he contacted PayPlan to set up a debt management plan.

Jason Eaves, director of PayPlan said: "We are being told that the economy is "out of intensive care" but there are still a few years ahead where people will continue to struggle financially."

For debt managment advice visit payplan.com.

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