Lloyds TSB has said that while 55 per cent say that they pay their bill as soon as they receive a red reminder, 27 per cent leave the bill for a further week before opting to clear debt from their account.
Furthermore, the bank has said that consumers are stressed by being indebted to companies in this way, with 21 per cent revealing that the red reminder causes them to feel this way.
Anita Hockin, head of internet at Lloyds TSB, said: “Nobody likes receiving a red reminder, it gives you the feeling you’re being told off!
“The huge number of people who admit to having received red reminders [66 per cent] proves that sometimes it’s a struggle to keep on top of paper bills.”
Research from Sainsbury’s Bank revealed this week that close to 2.8 million Britons are afraid to open their bank statements through what has been termed money fear.