Credit confusion a problem for nine in ten

Tuesday, June 22nd 2010

The majority of Britons are letting the state of their debts, such as how much they owe and what they repay each month, pass them by.

New research by Capital One shows some 86 per cent of loan customers did not review their balance during the last year.

Meanwhile, almost half of credit card users are happy to ignore the outstanding debt on their plastic, also choosing to overlook totals and repayments.

Despite this, close to nine-in-ten UK adults believe they are good managers of their personal finances.

Brian Cole, managing director at the firm, says: "It is encouraging that consumers believe they are on top of their finances but perhaps they need more support in order to ensure they do not make avoidable mistakes."

The Credit Action report for June shows the average household in Britain is currently more than £57,000 in debt, not including the outstanding balance of any mortgage.