Consumers urged to take control of their debts

Consumers across the country have been urged to take control of their own debt management and to keep a closer eye on their finances.

Millions of people across the UK are aiming to become debt free, but for many this process is made more difficult by a lack of awareness about how to borrow money responsibly, according to Callcredit.

Research carried out recently by the credit reference agency found that around three-quarters of British adults feel that they are not to blame for their own debt management disasters.

“Consumers need to look closely at their own borrowing habits and take control of their finances,” said Owen Roberts, head of Callcredit’s consumer affairs.

“Instead of worrying about who is to blame, as individuals we need take responsibility for our own financial wellbeing.”

The average British household pays out around £3,718 annually to service their outstanding debts, according to Credit Action’s latest figures.