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Millions of Britons `ignore debt`

03/05/2007

Many UK borrowers accumulate thousands of pounds of debt before becoming concerned, it has emerged.

Research by credit monitoring service CreditExpert reveals that one in eight people ignore their credit card bills and loans until they reach £15,000, the Mirror reports.

A further ten per cent said they would not worry until their debts were £50,000 or more, the study indicates.

Figures from Credit Action reveal that the average British household has £8,793 in debt, which rises to £54,124 when mortgage debt is included.

CreditExpert managing director Jim Hodgkins 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."

Recently, Credit Cards GB suggested that a credit card debt management scheme could help people who encounter difficulties when managing their finances.

These plans are useful for those who want to learn from their financial experiences, the company added.

Consumers took on more mortgage debt in July 26/08/2010 - Consumers took on £2bn more mortgage debt than they repaid Debts called in by parents 26/08/2010 - According to research, `the bank of Mum and Dad` is Teenagers `scared of debt` 19/08/2010 - Nearly two thirds of teenagers are `scared` of debt, according Rising household costs could pressure people in debt 10/08/2010 - The UK may be about to see a rise in