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British people in denial about debt
According to new research from MoneyExpert.com and CreditExpert.co.uk, many Britons are in denial about the level of debt they are in, while others worry about their ability to manage their debt.
MoneyExpert.com, the financial comparison website, said its latest Debt Index revealed that in the last 3 months, the number of people concerned about their debt increased from 33% to 38% , while 8% stated they are very worried about their ability to repay their debts.
As living costs increase, MoneyExpert.co.uk believes that a lot more of the 13.1 million people with debt have had to increase the amount of money they borrowed in the last quarter.
While in the previous quarter, approximately 27% of debtors said they had to increase their personal debt, the figure increased to 32% in the last 3 months, as opposed to just 24% who successfully reduced their outstanding debt.
Commenting on the report, Sean Gardner of MoneyExpert.com, said with nearly 40% of those who owe money worried about their ability to stay on top of their debts, these latest figures add up to a collective cry for help as Britain’s enormous debt mountain looms larger than ever.
Mr Gardner advises that anyone with genuine concerns about paying the bills needs to take action to avoid finding themselves in even more difficulty. The answer is not to bury your head in the sand, he concluded.
Furthermore, CreditExpert.co.uk’s survey has established that many Britons seem to be in denial about the level of debt they are in. 96% claimed to be familiar with their finances, however, when questioned further, many respondents seemed ignorant.
The survey revealed that just 26% knew exactly how much they had left to pay on their loans while a further fifth only plan their finances every six months or less, and 10% confessed that they had no clue as to how much debt they were in.
Commenting on the survey, Jim Hodgkins of CreditExpert.co.uk, said it’s alarming to see that while almost the entire UK population think they are on top of their finances, many are not.
Mr Hodgkins echoes the comments of Sean Gardner of MoneyExpert.com and urges consumers to take control of their finances.
