UK in debt denial

Some four million people are considered ‘overindebted’, but the majority are in denial about their finances and therefore do not seek advice assistance.

A survey conducted by debt management firm Chiltern found that one in 16 Britons spends over a quarter of their income on repaying debt but just one in 45 admit to struggling financially.
“There are lots of people who are officially overindebted, but two-thirds of them don’t think they have a problem,” said Joanne Gill from Chiltern.

“Unfortunately debts don’t go away, they need to be repaid and ignoring them will just make the situation worse. Anyone who is paying a quarter of their income to service unsecured debts should get help to put those repayments on a sustainable footing before the situation gets worse.”

The research found that people aged between 35 and 44 were the most heavily in debt, with East Anglia proving to be the most indebted region.

Whether they admit it or not, it seems that money is still on the brain for many people in the UK. A recent study from Alliance & Leicester revealed that 3.4 million Britons consider money to be the biggest concern in life, with 18 per cent worrying about it every day.

Tags: britons, Chiltern, survey, income, debt, Britons consider money, majority, denial