Nearly a third of adults don’t know how much debt they owe

New research by Lowell has found that nearly a third (30%) of adults in the UK don’t know how much debt they owe.

The research showed that currently, the average total debt per UK household stands at £57,910 and searches for ‘how to become debt free’ have increased by 140% in the last month alone.

The survey revealed that 41% of people in the UK worry about their debt every single day, whilst almost a third (30%), currently don’t know how much they owe.

Despite these concerns, 57% of those surveyed confirmed they plan to take charge in managing their debts this year.

16% of adults admitted to ignoring their debt for at least a year, during which time further debt is built up and accumulated, making the situation harder to resolve. Whilst almost a third (30%) of consumers admit they don’t know how much they owe. Finding out this figure and where the money is owed is the starting point for creating a realistic payment plan to reduce the total. Start by requesting a free credit report

After receiving support from a debt expert, 35% claimed they instantly felt more comfortable with their finances with 65% of people in the UK claiming they noticed an immediate difference within a month. 

John Pears UK CEO of Lowell UK said “Problem debt is a key worry, one of the first things people who have reached out for help with their debt say is that they just wish they’d done it sooner. A worrying amount of people in the UK don’t know how to approach their debt.”