3 November 2007

The majority of UK consumers think that they are not responsible for their debt, a new report has suggested.

Callcredit discovered that 75 per cent of people in the UK believe that they're not responsible for their current levels of debt.

Interestingly, people from the east of the UK are most likely to admit their own debt problems, with 22 per cent saying that customers should be held accountable for determining the affordability of their borrowing. In London, just ten per cent of people said the same thing.

"It is important to remember that responsible lending goes hand in hand with responsible borrowing," added Owen Roberts, head of Callcredit.

"Consumers need to look closely at their own borrowing habits and take control of their finances. Instead of worrying about who is to blame, as individuals we need take responsibility for our own financial wellbeing.

"My advice to people who feel that they are struggling with repayment commitments is to assess their debts by checking their credit report."

Figures released by Credit Action recently showed that consumer debt in the country reached £1.38 trillion at the end of September.

Source:: http://www.moneyhighstreet.com/