1 June 2005
New research has revealed that almost 60 per cent of Britons with unsecured debts are unaware of how much the owe.
The survey, carried out by Callcredit, which provides credit information to consumers, also found that eight out of ten consumers say they are quite happy to remain in relative ignorance about the state of their debts.
However, the government is shaking up the rules for loans, following calls for increased clarity of information and protection for consumers. It is hoped the change of rules will lead to more clued-up borrowers.
Callcredit director Alison Nicholson said: "Borrowers will be able to see much more clearly what they owe in total and how long they are committed for making it easier for people to manage their credit arrangements.
"This is a welcome step forward in tackling the problem of overindebtedness in the UK."
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