There is little doubt that many people of all ages and both sexes are struggling with huge levels of debt these days, with many finding it difficult to keep on top of their financial commitments or even make basic everyday purchases because of their difficult financial circumstances. However, despite the current financial climate there are many people that are still not concerned about their debts according to a recent report.
It is reported that people do not tend to start worrying about their personal debt levels until they reach around £9700 or above, even though those with less debt may still be struggling. The average level of debt is around £8400 but many people will wait until it is far higher than this – around£10,000 higher – before they decide to take action and seek advice about how to handle their debt.
Research also showed that it was men who had higher personal debt levels than women, with an average 24 percent more personal debt amongst men compared to women. This comes despite the fact that many men assume that women simply spend spend spend on clothes and shoes using their credit cards and loans!
Tags: Consumer Credit Counselling Service, plan, advice, worrying, financial, debts, higher personal debtOne industry official involved in the research said: “It is worrying to see that while people become concerned about their debt at £9767 it takes a further £10,000 to trigger a need to seek debt advice. For most people paid advice, such as a fee-charging debt management plan, is a last resort and consumers should explore do-it-yourself solutions and fee-free debt advice from some of the many debt charities such as the Consumer Credit Counselling Service, Money Advice Trust or Citizens Advice Bureau.”