Only Finance.com - Many are in the dark over finances

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Debt - Many are in the dark over finances - 09/06/2008

A survey from CreditExpert.co.uk has revealed that that many of us do not have a clear picture of our credit commitments.

The findings have shown only one in four (26 per cent) of us can accurately state how much we have left to pay on our loans, one in five (20 per cent) admit to only planning finances once every six months or less and one in ten of us admit to having no idea about how much debt we are in.

Jim Hodgkins, Managing Director for CreditExpert.co.uk, comments: “It’s alarming to see that while almost the entire UK population think they are on top of their finances, many aren’t. Keeping track of your commitments and planning for the future are always important and in addition to checking bank and credit card statements, you also need to regularly check that your credit report is accurate and up-to-date.”

Jim Hodgkins added: “This research provides a worrying insight into people’s perceptions of their finances. It is clear that many of us are not as familiar with our finances as we believe.

This could lead to disappointment when people are planning to get a loan or change existing credit arrangements. Having a better understanding of your credit report could make the difference between being refused credit or being offered credit with a higher APR. If you want to take greater control of your finances, an online credit report monitoring service such as CreditExpert.co.uk can help by providing a summary of your credit status and advice on how to improve it. Get a 30-day free trial today at www.creditexpert.co.uk."

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