Consumers Failing To Take Responsibility For Debt
75% of consumers believe that they're not responsible for Over-indebtedness, according to a survey by credit reference agency Callcredit. With recent Bank of England figures showing that consumer debt has risen by 1.35bn in the last month alone, the findings are a worrying warning to consumers who may be tipping into overindebtedness.
With recent Bank of England figures showing that consumer debt has risen by 1.35bn in the last month alone, the findings are a worrying warning to consumers who may be tipping into overindebtedness. Owen Roberts, Head of Callcredit Consumer comments:
"It is important to remember that responsible borrowing goes hand in hand with responsible lending. Consumers need to look closely at their own borrowing habits and take control of their finances. Instead of worrying about who is to blame, as individuals we need take responsibility for our own financial wellbeing. My advice to people who feel that they are struggling with repayment commitments is to assess their debts by checking their credit report; they should then contact their lenders to discuss a suitable repayment plan."
Consumers in the East of England are the most likely to take responsibility for affordable borrowing with 22% saying that customers' should be held accountable for determining the affordability of their borrowing. This figure falls dramatically to just one in ten consumers in London.
Callcredit's Debt Control Tips
- Don't bury your head in the sand - take control of your financial situation by checking your credit report for a full picture of your financial situation
- Contact your lenders or a consumer credit organisation such as the Consumer Credit Counselling Service if you are unable to meet your repayments
- Consider exactly how much you owe before taking on more credit - make a budget and stick to it