Brits consider that they only have serious debt problems if they owe more than £15,837, new research has found.
According to findings by Scottish Provident, Brits are becoming more tolerent to non mortgage debt and consider that their personal finances are only in serious difficulty if they owe more than £15,837.
This debt acceptance threshold rises to £16,646 for 18 to 34 year olds.
It appears that help with debt issues is sought more from within the family with most people turning to family members if their debts spiral out of control.
The Citizens Advice Bureau is the next port of call for debt advice and the Samritans would only be contacted by one in twenty of those with serious issues. Advice is also available at debt charities which offer their services free.
The difficult financial climate seems to be the cause of this greater acceptance of debt, as Susan BarclayHead of Marketing at Scottish Provident, explains:
“With the UK’s national debt figure dominating the headlines, it appears this could have had an adverse affect on how the nation view their own personal finances.
To not believe they would be in serious financial difficulty before they reached debt levels of over £15,837 is a worry, and it underlines how debt has become too readily accepted in the UK. What starts out as a small level of personal debt can quickly spiral out of control, so Britons should ensure they keep on top of their personal spending.”