Denial and lethargy pervade indebtedness
by Gill Montia
Story link: Denial and lethargy pervade indebtedness
Chiltern, the debt management specialist, estimates that approximately four million Britons are in serious debt and that the majority are in denial of their predicament.
According to a survey by Chiltern, one in 16 people in the UK spends more than 25% of their monthly earning in paying off unsecured debt.
However, of this group only one in 45 admitted their finances were seriously overstretched.
Consumers aged between 35 and 44 are the most likely group to have their finances stretch by over-indebtedness.
Geographically, debtors resident in East Anglia are the least aware of their financial situation.
In this group, one in nine pays over a quarter of their income to service unsecured debts.
Those living in Lancaster and Wales are the most realistic about their finances and overall, men are slightly more likely than women to be over-indebted, although men found this easier to admit than women.
Picture Financial, is also urging over-indebted individuals to become more proactive and review their credit situation regularly.
New research from the lender shows that 1.8 million UK consumers never review their finances, whilst at the same time 42% are concerned that they are not benefiting from the best interest rates and charges.
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