Thursday 10th of March 2011
A high number of interest rates may have indicated their ignorance towards financial affairs by claiming to be unaware of the interest rate situation.
Research carried out by the Council of Mortgage Lenders and highlighted by homelessness charity Shelter has revealed 25 per cent of 1,500 UK homeowners did not know the rates are at a record low.
And this lackadaisical attitude to money matters could be one of the reasons why some people have built up debts of over £15,000 and are seeking IVA answers as a result.
Chief executive of Shelter Campbell Robb said it is frightening that so many people are uninformed on the matter.
He stated: "This research makes us extremely concerned that millions will be financially unprepared when interest rates go up and won't have plans in place to manage increased costs."
And these people could also be caught unawares by the introduction of new reform changes, as Credit Action recently claimed financial areas such as national insurance, tax thresholds and child benefit are to be affected by the government's plans.
By Chris King
- Debt consolidation loans falling, figures show
- Britons 'changing attitudes' towards debt management
- Homeowners 'more concerned with debt management'
- Low interest rate 'contributing to debt management efforts'
- Debt management growing in importance, survey finds
- Brits 'expect financial situation to worsen'
