Millions ‘unaware’ of their debt burden

Millions of UK consumers are not aware of how much money they owe to their creditors, according to recent research.

Figures from Callcredit show that around 60 per cent of people cannot put an accurate figure on the extent of their debt management burden and close to 15 per cent are quite happy to admit they have no idea.

However, with so many people around the country struggling to become debt free, analysts at the credit reference firm suggest that being unaware of borrowing levels can lead to more financial woe.

“Don’t be a financial ostrich – take control of your finances and get a copy of your credit report,” said Callcredit’s debt expert Mel Mitchley urges.

“If you’re struggling with repayments contact a debt advice service such as the Consumer Credit Counselling Service (CCCS),” he added.

The burden of debt management in the UK is increasingly shifting onto more elderly generations, a report from the CCCS claimed earlier this year.