You are here: Home - Credit Cards & Loans - News -

Brits in the dark over their credit card and payday loan debt

Written by: Paloma Kubiak
A ‘startling’ number of Brits have no idea about how much debt they have to repay on credit card, to their bank or to a payday lender.

As 37% of the nation admits to being in debt, research shows that 28% are out of touch with their finances as they’re unable to say how much they owe.

The study by YouGov for found that a third (33%) of Brits have borrowed money this year, with 12% borrowing from family members and 11% taking out a credit card.

The average amount of debt stands at £446 and 38% of those who owe money said they’re concerned about the total amount they have to pay back.

But it’s not just debt that people are in the dark about as the research found that more than a quarter of those with a current account have no idea how much is in there.

And there’s also a lack of awareness when it comes to monthly outgoings as over a quarter of Brits who owe money on their bills are unable to confirm what they owe. Nearly half – 47% – are not clear what they owe on their mortgage.

But despite not knowing how much they owe, 32% said they’re not concerned about this lack of knowledge.

Brits aged between 18-24 have the loosest grip on their finances and regionally, Londoners are least likely to know their numbers, while those from the East Midlands are savviest.

Claire Davenport, managing director at, said: “Having an awareness of the money you have at your disposal, as well as your monthly outgoings is key to managing your finances and preventing yourself getting in unnecessary debt.”

Davenport said there are many apps out there for managing your finances such as banking apps and budgeting tools which can help you make savings on all sorts of items when you’re out and about shopping.

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.

The savings accounts paying the most interest

If one of your jobs this month is to get your finances in order, moving your savings to a higher paying deal i...

Everything you need to know about being furloughed

Few people had heard of ‘furlough’ before March 2020, but the coronavirus pandemic thrust the idea of bein...

Coronavirus and your finances: what help can you get in the second lockdown?

News and updates on everything to do with coronavirus and your personal finances.

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...

Money Tips of the Week

Read previous post:
Scam warning as thousands of pension savers fail to seek financial advice

Hundreds of thousands of pension savers are being left to fend for themselves when it comes to retirement decisions and...