More than 15m people in the UK don’t know how much money they owe
More than 15m people in the UK don’t know how much money they owe according to the latest research by independent financial adviser locator unbiased.co.uk.
Chiltern’s Simon Duffy said “It is worrying that so many people are unaware of their debt levels and this research shows that people aren’t keeping track of their debts and therefore cannot be sticking to a realistic budget.”
“We don’t need reminding that there have been 5 interest rate rises in the last 12 months and industry experts are warning that we’re not out of the woods yet. Surely this is enough warning for people to take action and start managing their debts today.”
The research revealed 15.4m Britons don’t know to the nearest £100 while 41 per cent of 18-24 year olds are unaware of their current level of debt to within £500. One in five people say they would sell their possessions and even consider selling their house to repay debts in a financial crisis.
If you’re not sure how to budget payments for debts on credit cards, store cards, catalogues or unsecured loans or need advice you should seriously consider a complete overhaul of your finances. Visit Chiltern.uk.com today for more information or call us free for a confidential chat.