Debts ‘Not Considered Serious’ Until They Top £6,000

May 21, 2019

The average UK consumer would not consider their debts to be a “serious concern” until they were worth in excess of £6,000.

That’s according to research carried out recently, which also established that the average Brit would hardly consider themselves to be indebted at all until they were at least £3,882 in the red.

Meanwhile, one in six Brits would only be ready to say that they were really concerned about their debts once they were worth £10,000 or more.

Despite these findings emerging in research commissioned by the employee loans and savings firm Salary Finance, almost 40 per cent of people across the country would admit that they are genuinely concerned about the amount of debt they’re currently in.

 

Only a little less than half of the people polled also said that they would view having some level of debt as being perfectly normal and not really a negative thing.

The figures from Salary Finance suggest that the average amount of debt held by an adult in the UK, excluding student loans and mortgages, is around £6,936.

Roughly one in five adults use their bank account overdrafts on a routine basis but 60 per cent would consider that to be a ‘bad debt’ that’s best avoided.

Mortgages and student loans were regarded as being perhaps the best forms of debt that someone could have but Salary Finance has warned that people ought to avoid getting too comfortable with any type of debt if they can.

“People should be careful they don’t take a wider acceptance of debt as a reason to get out of control with their finances,” commented the company’s chief executive Asesh Sarkar.

“Not only does this lead to a spiral of debt and exclusion from many normal borrowing routes, but it also impacts on wellbeing, with people more likely to suffer from stress and even depression,” he added.

If you live anywhere in Scotland and you are worried about your debts or struggling to fend off your creditors then Scotland Debt Solutions can help. Call us directly any time to arrange a FREE and confidential consultation.

John Baird

Insolvency Adviser

Tel: 0800 063 9250

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