Brits don’t worry until their debt hits £15K

13/01/2011

Most Brits don’t worry about their debt until it reaches £15,838.

According to a recent review by Scottish Provident’s Financial Safety Net, younger people worry even less. Results showed that university graduates and others in the same category did not think that they were in ‘serious financial difficulty’ until they were in debt by at least £16,646.

In contrast, the older generation of over 55’s begin to worry when their debt hits £14,424.

The report went on to show that people in some areas of the country were more worried about being in debt than others. People from Yorkshire and the Humberside were among the nation’s biggest fretters, as their concerns started when their debt hit £13,439.

However being in debt didn’t seem to bother those living in the West Midlands too much, as their threshold worry rate was only seem when they owed £17,118.

Susan Barclay, head of Marketing at Scottish Provident said it was a concern that a lot of people don’t consider themselves to be in ‘serious financial difficulty’ until they reach nearly £16,000. She added that the situation “underlines how debt has become too readily accepted in the UK.”

The group also stated that the British public were worryingly either unaware or unconcerned about the difficulties of being. They said that when making a decision about their personal finances only one in five would turn to an independent debt advisor.

By Katie-Jill Rowland

Tags; Income Worries and Debt,

Regional Debt Advice; Debt Help West Midlands, Debt Help Yorkshire,

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