17 March 2006
Many people in the UK are gambling with their finances by not keeping track of money they have borrowed.
According to the credit history company myCallcredit, consumers have a duty to borrow responsibly and that requires being aware of how much they have borrowed and from whom.
The company's director Alison Nicholson said: "People are still not paying enough attention to the state of their personal finances. For example, according to a recent survey by Egg, Britons tend to underestimate how much they spend on a day's shopping to the tune of £300 million.
"This backs up the findings of a survey commissioned by MyCallcredit which revealed that 60% of people don't know exactly how much they owe while 15% admitted they hadn't got a clue!
She added: "The credit industry is under great pressure to adopt more responsible lending policies but consumers have a duty to borrow responsibly as well. How can they do that if they don't closely monitor the level of their outstanding credit commitments? It also means they are less likely to spot if fraudsters are running up debts in their name."
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