Almost half online finance seekers face 5-figure debts, says poll

An online poll has found that 47 per cent of respondents have five-figure debts outstanding on their credit cards, homeowner loans and overdrafts.

The organisers of the poll also revealed that nine out of ten people seeking online finance advice are expecting to take out a further homeowner loan in the year ahead.

“Almost half of the people completing the polls having unsecured lending of more than £10,000 is a concerning yet not surprising statistic and in line with reportedly high levels of indebtedness in the UK,” said financial advisor Emma Butler.

“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.”

“As a result of the increase in bad debt levels, lenders are tightening up their credit scoring policies and you will need a near perfect credit history to obtain the lowest rates.

“It is therefore as important as ever that consumers shop around to ensure they are getting the best deals on their borrowing,” Ms Butler added.

© Adfero Ltd

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