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Many Britons 'unaware of how much debt they are in'

22 August 2007
A large number of people in the UK have no idea how much debt they have accumulated, according to new research.

Some 2.5 million Britons cannot work out the amount of arrears they are in, while 15.4 million cannot quantify it to within £100, according to

The firm added that 41 per cent of 18 to 24-year-olds cannot pinpoint their debt to within £500.

One in five people responded that they would sell their possessions in the event of a financial emergency.

David Elms, chief executive of the firm, commented that this shows how little people are saving for the future.

"'Generation Spend' is allowing debt to dictate behaviour, rather than taking financial control and keeping a check on debts," he said.

Research from money charity Credit Action has estimated that the UK has a total combined personal debt mountain of more than £1.3 trillion.

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