Consumers ‘in the dark’ about debt
Article Category: Debt Management Help and Advice
British consumers have a low level of awareness of their level of debt, one credit reference agency has asserted.
Research from Callcredit found that some 60 per cent of UK consumers do not know how much they owe to creditors, while 15 per cent admit that they have no idea whatsoever how much debt they are in.
The organisation cited estimates stating that 8.2 million British adults are in debt, with some 2,750 County Court Judgements being issues every day in the UK.
Recommendations from Callcredit include finding out how much is owed before embarking on a repayment plan, which may include a debt consolidation loan or individual voluntary arrangement.
Elderly people were cited by the organisation as particularly at risk, with the proportion of people in debt that are over the age of 60 described as "shocking" by Callcredit.
Age Concern recently raised the issue of elderly people being unaware that they are eligible for pension credits and other benefits.
For more information about debt management call our advisors on 08000 122 118 for FREE, no obligation help and advice.
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