Education ‘key to debt avoidance’

National Debtline spokesperson Beccy Wilks claims that across the UK there are people with different levels of income all struggling to clear debt they have accumulated as a result of ill advised borrowing decisions.

And a widespread “financial illiteracy” has a lot to do with Britain being in the grip of a debt crisis and having millions applying for debt consolidation loan, Ms Wilks suggests.

“Lots of people might come into an unmanageable debt situation simply because they’ve taken out the wrong product for them,” she said.

“[Or because] they didn’t understand what the implications were [or] what the costs were.”

Last week, research from Abbey demonstrated that financial worries are more often the biggest concern for more Brits than any other threat to quality of life.