One in ten clueless on debt, study shows

Thu, 05 Jun 2008

One in ten people are unaware of the amount of debt they have built up, new research shows.

A study by CreditExpert.co.uk has found that ten per cent of people have no idea how much they owe on credit cards, personal loans and other products.

It also found that only 26 per cent of people can accurately state how much money they have outstanding on their personal loan .

Many people are also unclear as to the rate of interest they are being charged on their credit cards, loans and overdrafts .

Jim Hodgkins, managing director for CreditExpert.co.uk, said: "It's alarming to see that while almost the entire UK population think they are on top of their finances, many aren't."

"Keeping track of your commitments and planning for the future are always important."

Recently, Darren Cook, head of press and PR at Moneyfacts.co.uk, claimed that credit card firms are extending zero per cent deals as they look to attract customers.
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