Third of Brits ‘Do Not Feel in Control of Their Debts’
March 21, 2019
Almost a third of UK consumers say they don’t really feel in control of their debts and aren’t sure how they’ll ever pay them off.
That’s according to research into issues around debt management carried out recently by the price comparison website KnowYourMoney.
The company’s investigations also established that roughly a quarter of British adults lose sleep on a regular basis because they’re worried about their debt problems.
More than two thirds of survey respondents told KnowYourMoney that they don’t have any savings set aside to help them pay off their debts urgently if they ever needed to.
Just over 40 per cent said that they don’t feel comfortable discussing debts or financial matters in general with friends or family.
Credit card debts are always a prominent source of worry for millions of UK consumers, with the country’s collective credit card debts having risen to record high levels by the end of last year.
According to KnowYourMoney’s research, around a third of respondents to its queries said that they spend money on their credit cards without first thinking about how they might pay off the resulting debts at a later date.
Furthermore, with millions of people already struggling to maintain control of their debts, close to 50 per cent of people around the country are apparently concerned that the UK’s exit from the EU could soon have negative effects on their personal finances.
“Despite the negative connotations that sometimes surround it, debt should not be frowned upon. If handled responsibly, debt is a valuable financial instrument that can help enable life’s purchases,” said John Ellmore from KnowYourMoney.
“However, today’s research demonstrates that there are millions of people across the UK who are taking on debt without a plan of how to repay it, which is unadvisable.
“It’s vital consumers understand what their debt-to-income ratio is and manage their finances accordingly – this will help them sleep easier at night and avoid serious financial repercussions further down the line.”
If you live anywhere in Scotland and you’re worried about how to deal with your debt problems then Scotland Debt Solutions can help. Contact us directly to arrange a FREE and confidential consultation.