Brits ‘ignoring debt’

Millions of Britons are willing to accrue debts of £15,000 in unsecured loan borrowing before they become concerned about managing their finances, a new study reveals.

According to research by CreditExpert.co.uk, about one in eight are ignoring credit card bill and loan repayment demands until they reach this level, reports the Mirror.

Managing director Jim Hogkins told the publication: "While many still see big debt as socially unthinkable, the reality is that an increasing number are finding it difficult to gauge when debt becomes unmanageable."

The study also revealed that ten per cent of consumers do not bother dealing with debt until it reaches the £50,000 mark.

Meanwhile, 23 per cent of the British population is currently reported to be debt free. However, in 2006 this stood at 27 per cent.

Last week, Stroud & Swindon marketing director Paul Chafer suggested that understanding financial products is crucial to "avoiding significant debt problems".

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