Tuesday 11th of January 2011
Concern regarding debt is at a worryingly low level in Britain, a new study has suggested.
Scottish Provident's Financial Safety Net report showed the average borrower only starts to worry about his financial situation when the amount he or she owes exceeds £15,837 - which is when individuals may wish to consider asking independent financial questions to help them out of their situation.
The research found the debt threshold for younger consumers stands at £16,646, while that of the over-55s amounted to £14,424.
Susan Barclay, the organisation's head of marketing, commented: "What starts out as a small level of personal debt can quickly spiral out of control, so Britons should ensure they keep on top of their personal spending."
She added it is a worry that many adults do not consider themselves to be in financial turmoil until they owe such a large amount.
However, a recent survey from Allianz UK showed 70 per cent of respondents are eager to reduce their expenditure next year, with 12 per cent planning on making significant financial cuts.
By Chris King
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