Half Of Britons Oblivious To Own Debt Levels 28/04/2005

More than half of Britons with outstanding debts are unsure how much debt they are actually in, according to research released today.

The research was carried out by the credit reference agency Callcredit and shows that 59% of people in debt do not know exactly how much they owe, excluding mortgages.

Of the 59%, 14% felt that they were close to or had reached their credit threshold, with just 6% saying that they were overstretched and could not keep up with repayments.

15% of people in debt had absolutely no idea how much they owed and 80% of all people asked said that they were unconcerned about the level of debt they were in. East Anlgia is the most debt-ridden region, with 36% saying that they had reached their limit.

Men appear to be more in control of their finances with 12% of men admitting to having no idea how much they owed, compared to 18% of women.

The survey revealed that, unsurprisingly, older people are generally more aware of their financial situation. A quarter of people aged between 45 and 54 said they were at their limit and couldn't afford to take on more debt. More than 60% of over 65s knew exactly how much money they owed, while 90% felt they were living comfortably within their limits.

The director of Callcredit, Alison Ward, seemed dismayed at the results: "The findings of our survey are disturbing. People need to monitor their levels of debt so they can manage it effectively. Having such a carefree attitude towards their borrowing is leaving people open to financial fraud and over indebtedness."