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Friday 20th July 2007
Brits are seriously underestimating their debts - the average adult reckons their debt stands at £5,251, according to Mintel, but the Bank of England puts average debt at £10,300.
With almost half the population (43 per cent) having debts from credit cards and loans, these figures paint a worrying picture of debt culture in the UK.
Mortgage holders seemed to have a better grip on their finances, only slightly underestimating how much they still had to pay back.
Toby Clark, senior finance analyst at Mintel said: "While Brits do seem to have a good grasp of their mortgage borrowing, they are wildly underestimating the amount of money they owe on credit cards and loans,
"Clearly, it is a lot easier to keep an eye on a single mortgage, than it is to juggle a couple of credit cards, a personal loan, a car loan and maybe even an overdraft as well."
Mintel's research also showed a difference in why people borrowed money according to their financial status.
Mr Clark said better financial education was needed, saying: "without a detailed understanding of exactly how much they owe and what rates they are paying, it is easy to see how the situation could spiral out of control."
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