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| BankruptcyNews |
Posted - 16 May 2007 : 09:56:43
Awareness week to highlight debt problems
Credit awareness week, which starts today, has highlighted that half of Britons admit to making serious financial mistakes and have poor financial control.
According to CreditExpert.co.uk, more than 80% of people regularly overspend and millions of people are driven to consider measures such as bankruptcy.
Financial mistakes such as taking out expensive consolidation loans with long payback periods and "therapy spending" are some of the main contributors to a large number of overspending.
The research also revealed that 5% of people have considered or taken out an individual voluntary agreement (IVA) or declared themselves bankrupt. Almost one in 10 have taken out a credit card to pay off debt on another card, and 10% have missed repayments on credit cards, loans or mortgages.
Credit Awareness week is organised by Credit Today magazine, together with an expert group of partner organisations including Experian, the British Bankers Association and the Consumer Credit Counselling Service. The week aims to help the British public gain better control of their financial affairs.
Jim Hodgkins, managing director of CreditExpert.co.uk, said: "The number of people who admit to making basic financial mistakes and even considering quick fix solutions like taking out an IVA is worrying.
"What this research seems to expose is a serious lack of understanding of the long-term consequences of these actions and how it can affect your credit rating and ultimately impact on your financial future."
People wanting direct, easy-to-understand and manageable advice on getting their finances in check should visit credit awareness week.
Source: guardian.co.uk
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