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Consumers `increasingly experiencing debt problems` Over-50s `better at managing credit card debt` New banking rules `may restrict access to loans` UK `must reduce consumer debt` 700k `on Debt Management Plans` Recession `could lead to financial problems for retirees` Charity sees increase in debt, mortgage and loan arrear enquiries Retirees` finances `may be damaged by rate cut` Consumers `aiming to reduce spending` People `increasingly turning to illegal loans` Children raised in credit crunch `may be better able to manage money` Many parents `pushed into debt by adult children` Young people `failing to protect themselves for debt repayments` Consumers in East Midlands `relying less on debt to fund lives` Plans set out to help people in debt PPI ban `could leave consumers without loan cover` Govt `must step in to stop debt addiction` Cash-strapped Brits `see fraud as more acceptable` People `should not rely on mortgage rescue plan` Consumers `to take out £3bn in debt consolidation loans by Easter`

People`s `denial` over debt problems

18/07/2007

Britons are "burying their heads in the sand" regarding the true amount of their debts, it has been claimed.

Research from market analyst Mintel reveals that people believed they owed £5,251 in unsecured debt when they really owed £10,300 - nearly twice the amount.

Some 43 per cent of adults owe money on loans, overdrafts and credit cards, the figures indicate.

However, only one in five said they were concerned about debt problems relating to what they owe.

Toby Clark, senior finance analyst at Mintel, commented: "While Britons do seem to have a good grasp of their mortgage borrowing, they are wildly under-estimating the amount of money they owe on credit cards and loans.

"Without a detailed understanding of exactly how much they owe and what rates they are paying, it is easy to see how the situation could spiral out of control."

A recent study by MoneyExpert.com stated that four million monthly credit card payments were missed during the last six months.

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