Third of Britons Unaware Of Debt Levels

Findings by online credit information provider Equifax reveal that a third of people are unaware of their debt balance and some are oblivious of the interest they are being charged.

The study of 3,000 adults found that 40% of people in the UK rely on their credit cards for the majority of their expenses but one in five pay just the minimum required each month.

Nearly 60% of credit card users do not know what interest rate they are being charged and more than 30% of those surveyed went into their overdraft at least once every month. Further findings show that one in ten people can’t make ends meet and they have no money left over by the time payday arrives.

What is more, 34% of Britons are turning to their family or friends as a lifeline to borrow cash but nearly 16% are finding loose change around the home in jacket pockets, coats and couches as well as the car. Worryingly, some parents (2%) are reverting to extreme measures to stay afloat by taking from their child’s piggy bank or savings account.

Neil Munroe, external affairs director for Equifax, said: “Even with the latest news that inflation has dropped, it's still hard for families to balance living costs with many not having a salary increase so far this year.”

It is important that you know how much debt you owe and being ignorant doesn’t make the financial woes go away. If you are struggling to keep your head above water, speak to the friendly debt experts at Debt Free Me today for professional help and advice.

If you need help understanding all of your debt and you need a quality solution to meet your individual needs, Debt Free Me can help. Whatever your circumstances, there will be a solution that’s right for you so call the team today on 0800 988 7701 for a confidential chat with a trained debt advisor or visit the site for more information.

ENDS

Media Contact Details

Company: Debt Free Me

Telephone: 0800 988 7701      

Town: Blackburn

Country: UK