UK consumers need to become more financially literate and take more steps to deal with debt management issues, an expert has said.
Such a view was expressed by the managing director of Debt Advice Foundation David Rodgers, who noted that the situation has reached the point where 300 people a day are becoming insolvent using measures such as individual voluntary arrangements.
He observed: “Almost half of the adults in the UK have difficulty with numbers, so it’s not surprising that many people can’t get to grips with how much they owe and how long it will take to pay back.”
The first thing people should do to tackle their problems is speak to an expert who can help them work out a plan.
Britons owe an average of £30,221 each, according to figures from Credit Action.
The charity also noted that the past 12 months saw Britons pay back £66.3 billion in interest payments.