You are here: Home - Uncategorized -

Debt not a problem for most

0
Written by:
14/06/2006

Most people in the UK are happy with their debts, and one in five expect to reduce their borrowing over the next year, new research has revealed.

A telephone survey from MyCallcredit found that nine out of ten people in the UK are comfortable with their debts, and that most people did not see their position worsening over the year.

However, young people were the least optimistic about their financial position, part-time workers were the most likely to be out of their depth and there was a significant minority of Britons who were overindebted.

MyCallcredit director Alison Nicholson said: “Debt only becomes a problem for people when they can’t manage their repayments and the vast majority can, indeed, three times as many people expect to reduce their debt burden over the next year than expect it to increase, which is good news.”

Yet she claimed measures should still be taken to help people who were over indebted: “The industry needs to continue developing more responsible lending practices, like introducing true affordability checks at the time a credit application is made, and individuals need to take stock of their overall financial position to make sure they are applying for credit responsibly.”

Tagged:

Tag Box

Debt

Pension

Spending

Financial fitness

There are 0 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

Are you a first-time buyer looking for a mortgage?

Look no further, get the help you need by searching for your perfect mortgage

Five ways to get on the property ladder without the Bank of Mum and Dad

A report suggests the Bank of Mum and Dad is running low on funds. Fortunately, there are other options for st...

The essential Your Money guide to the April 2018 tax changes

As we head into the 2018/19 tax year, a number of key changes take place to existing policies while some new i...

A guide to switching energy provider

All you need to know about switching from one energy supplier to another.

What will happen if rates change

How your finances will be impacted by a rise in interest rates.

Regular Savings Calculator

Small regular contributions can build up nicely over time.

Online Savings Calculator

Work out how your online savings can build over time.

Having a baby and your finances: seven top tips

We’re guessing the Duchess of Cambridge won’t be fretting about maternity pay or whether she’ll still be...

Protecting family wealth: 10 tips for cutting inheritance tax

Inheritance tax - sometimes known as 'death tax' - can cause even more heartache for bereaved families. But th...

Travel insurance: Five tips to ensure a successful claim

Ahead of your summer holiday, it’s important to make sure you have the right level of travel cover or you co...

YourMoney.com Awards 2018

Now in their 21st year, our awards recognise the companies offering the best products and services to consumers

Money Tips of the Week

Read previous post:
Babies wearing more designer gear than mums

New mums are kitting their babies out in designer clothes at the expense of their own wardrobes, research from MINT...

Close