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Pastimes : Clown-Free Zone... sorry, no clowns allowed
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To: maceng2 who wrote (200151)10/24/2002 8:15:45 PM
From: maceng2   of 436258
 
Two out of three won't worry about debt until it's too late

ananova.com

Almost two out of three people would not start worrying about debt until the situation had spiraled out of control, research shows.

About 26% of people said they would not feel concerned about their borrowings until they started missing bill payments.

And 20% said it would not bother them until they owed more than they earned, according to lending group Kensington Mortgages.

Almost 20% of those asked said they would only start to worrying about their debts if repayments meant they were unable to provide for their families.

Outstanding consumer debt, excluding mortgages, currently stands at about £140.1 billion - a 126% increase since 1995, Kensington says.

But despite the high levels of borrowing people are taking on, 7% said they would only begin to worry about their situation if their home was repossessed.

And 4% said that only their partner leaving them would trigger concerns about their money problems.

Some 6% of those questioned said they would become concerned if they started missing mortgage payments, while 4% would start to worry if they were refused further credit.

Kensington chief executive John Maltby said: "For most of us debt in some form is an everyday reality. However, it is widely recognised that people often have no idea about their money problems. The earlier the problem is detected and dealt with the better."

RSGB Omnibus questioned 1,000 people face-to-face during September.
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