A survey by the Co-operative Bank has suggested that 70% of people may have some form of debt problem, with 29% not prepared to confront their debt issues.
The survey found:
- those in debt do not believe that they have money worries until they have accumulated an average of £1,247 in overdrafts, credit card debts or loans
- 22% of people have been in debt for more than five years
- 50% of respondents said they had slipped further into debt in the past year, with the average debtor building up an extra £325 worth of debt since Christmas alone
Source: Credit Action – April 2012 edition