Borrowers Are In Denial About Their Debts
Borrowers Are In Denial About Their Debts
According to research, conducted by financial websites, MoneyExpert.com andCreditExpert.co.uk, many Britons are in denial about the level ofdebt they are in, while others are worried about their ability to manage theirdebt.
MoneyExpert.com, the financial comparison website, stated that its latest Debt Index revealed that in the last 3 months, the number of people concerned about theirdebt increased from 33 per cent to 38 per cent , while 8 per cent 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 per cent of debtors said they had to increase their personal debt, the figure increased to 32 per cent in the last three months, as opposed to just 24 per cent who successfully reduced their outstanding debt.
Sean Gardner of MoneyExpert.com, said: "With nearly 40 pet cent of those who owe money worried about their ability to stay on top of their debts, these latest figuresadd 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. Ninety six per cent, of respondents claimed to be familiar with their finances, however, when questioned further, many respondents seemed ignorant.
The survey revealed that just 26 per cent 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 per cent confessed that they had no clue as to how much debt they were in.
Commenting on the survey, Jim Hodgkins ofCreditExpert.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.
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