Consumers 'not telling lenders about financial problems'

Those looking to obtain advice with regards to insurance, banks and credit matters might have noted news that almost 70 per cent of UK consumers who have experienced debt in the last two years have not told financial advisers about their problems.

This is according to research commissioned by Callcredit Information Group which outlined some aspects of people's relationship with their bank.

For instance, it found that 42 per cent of citizens who are embroiled in financial difficulties do not come clean about their problems.

Overall, 65 per cent of Britons have experienced some kind of change to their income in the past two years.

Graham Lund, managing director of the organisation, said: "What's particularly concerning is the number of people who fail to make their bank aware of sudden changes in their financial situation - and those that do get in touch aren't always completely honest."

Recently, the Office for Budget Responsibility predicted that the average UK household debt will reach £70,341 per dwelling by the end of 2015.

Posted by Mark Cunningham
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01/09/2010 16:15

News category: Consumer

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