Consumers ‘not responsible’ for debt

Three-quarters of consumer believe they are not responsible for being in debt, a survey by credit reference agency Callcredit has found.

Bank of England figures show consumer debt has risen almost £1.35bn in the last month alone, while Callcredit’s survey of 2,105 adults, conducted in September by YouGov, found 75% of respondents believed they were not responsible for being overly in debt.Owen Roberts, head of Callcredit Consumer, commented: “Consumers need to look closely at their own borrowing habits and take control of their finances. Instead of worrying about who is to blame, as individuals we need take responsibility for our own financial wellbeing. My advice to people who feel that they are struggling with repayment commitments is to assess their debts by checking their credit report; they should then contact their lenders to discuss a suitable repayment plan.”

Consumers in the east of England were the most likely to take responsibility for affordable borrowing, with 22% saying customers should be held accountable for determining the affordability of their borrowing, while the figure fell dramatically to just one in ten for consumers in London.