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11 January 2006
An internet survey has found that almost half of Brits have over £10,000 of unsecured debts festering on their consciences.
Moneyfacts.co.uk's website poll saw 47 per cent of respondents admit to having racked up this figure through use of credit cards, overdrafts and personal loans - with nine out of ten planning to take out a fresh loan in the next year.
Emma Butler, editor of Moneyfacts, explained that keeping a tight financial ship is more important than ever if customers want to receive the best rates, which will require an almost flawless credit history, on borrowing services.
She continued: "With interest rates at their current low level, most consumers are managing to service their high levels of debt; however UK banks are already reporting an increase in bad debt levels and with utility bills set to rise this year, the situation is likely to get worse."
Her further advice that potential borrowers should shop around prudently for the optimum deal seems to have been echoed by those who were surveyed - with 87 per cent holding the view that the rate charged is more important than a flashy high street brand.
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