Poor debt attitude ‘could see money troubles worsen’

Newly-released statistics have shown people in Britain have a lackadaisical attitude when it comes to their finances and the prospect of debt.

Mone…

Newly-released statistics have shown people in Britain have a lackadaisical attitude when it comes to their finances and the prospect of debt.

Moneysupermarket.com has discovered individuals are “worryingly lax” in regards to their money-handling.

Despite total levels of personal debt standing at more than £31,460 billion, the study found 60 per cent of respondents claimed they would not worry about their debts even if they were to become unemployed.

Over a third (35 per cent) of those questioned revealed the prospect of a debt collector appearing on their doorstep would not cause alarm, while two-in-three (66 per cent) stated they would not be bothered if mounting debts prevented them from paying a gas or electricity bill.

Moreover, just 17 per cent noted they would be troubled if they were to fall out with friends or family because of cash they owed to them.

Missing a mortgage or rent repayment would only cause 43 per cent of those quizzed to lose any sleep.

This statistic means more than half – 57 per cent – would be concerned if they could not fulfil their home-loan costs.

And despite the consequences of skipping two or more loan or credit card repayments, only 15 per cent observed this would cause them distress.

Tim Moss, head of loans and debt at the portal, remarked: “The era of debt-financed consumer spending is over, so people will need to take extra time to manage their finances and consider lowering their monthly outgoings.”

A recently-released report from AXA showed around 42 million people in Britain admitted the stresses of debt worry have caused ill-effects to their physical and mental health.

By Joe Shervin

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