Picture Financial: Denial of debt in the UK

In response to statistics released by Chiltern today showing that one in 16 Britons are officially overindebted, Picture Financial highlights the importance of individuals becoming more engaged with their money management.

Julia Dallimore, Marketing Director at Picture Financial comments: “The figures released today demonstrate that Britons should take a more proactive approach to their existing credit. This builds on our recent research highlighting that 1.8 million of us never review or sort our finances, yet 42 per cent worry that they are not getting the best deal on interest rates and charges.

“What is vital in a financial environment of borrowing, increasing interest rates and multiple sources of credit, is a level of personal engagement with our money. Looking at all the options available to us, whether consolidating our existing credit into one place, switching to credit providers with more favourable rates or seeking independent advice are all ways we can significantly reduce our monthly repayments.”