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More Than 40% Aged Between 18 And 24 Can't Guess Within £500 Of How Much Debt They Have

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People 'don't know how much debt they are in'

Article Published On 21 August 2007

http://www.moneyhighstreet.com/news/182523...they+are+in%27/

Over two million people in the UK have no idea how much debt they are in, meaning that they could require IVAs in the near future.

Research from unbiased.co.uk found that six per cent of people in the UK were unable to say how much money they owed on things like credit cards, mortgages and loans. A further 15.4 million people could not quantify their debt to within £100.

More than four in ten people aged between 18 and 24 were unable to guess within £500 of how much debt they have.

While many people could resort to IVAs to manage their debt, the website's survey found that 19 per cent of the population would sell their possessions to cope with financial difficulty and 20 per cent would expect the government to help them out.

David Elms, chief executive of unbiased.co.uk, said: "This research shows how little the UK consumer is budgeting and preparing for every eventuality.

"Generation Spend is allowing debt to dictate behaviour, rather than taking financial control and keeping a check on debts."

Recently, moneysupermarket.com revealed that people in the UK were being charged more fees to use financial products like credit cards and mortgages.

No budgeting, no preparing, no plan B, and best of all no idea of debt owed. How will it end? yeap in tears...

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Be fair, anyone with a mortgage or a long term loan probably doesn't know to within £500 exactly how much debt they're in. Not being able to say how overdrawn you are or how much you've got on your card is a bit crap though.

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Be fair, anyone with a mortgage or a long term loan probably doesn't know to within £500 exactly how much debt they're in.

Just the point I was going to make.

Also, does this mean they didn't know off the top of their head - 'cause what mortgage holder does to within £500?

(I didn't when I had a mortgage, and I'm obsessed with arithmetic and numbers. Now I'm a saver I don't know how much savings I have off the top of my head, at least not to that accuracy)

Or does it mean given a few minutes to check their statements they couldn't find out?

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Be fair, anyone with a mortgage or a long term loan probably doesn't know to within £500 exactly how much debt they're in. Not being able to say how overdrawn you are or how much you've got on your card is a bit crap though.

True.

Also stuff like this is dreamt up by two-bit PR and research agencies, which are totally unaccountable for their 'research.' They could have just plucked the statistic out of thin air. Nobody is going to go round to their office and ask for hard evidence that the research is genuine. As somebody who has worked in the media, I know how meaningless these survey results are.

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