The Money Stop

Britain is a nation “in the dark” about its finances, a new report has suggested.

A report published by CreditExpert has revealed that just one in four people can accurately say how much they have left to repay on their loans.

Furthermore, one in ten people are unsure as to their actually level of debt, the study revealed.

The research also highlighted that many Britons are not confident about applying for loans, with more than one in five believing they would be refused credit of £1,000.

Furthermore, four out of ten would not expect to be authorised to borrow £10,000 and 66 per cent of people believe they could not take out a loan of £30,000.

The research follows a further recent study, conducted by Alliance & Leicester which showed that Britons are trying to cut back on their spending and save money in order to improve their financial health as the cost of living rises.

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