Research results published by CreditExpert.co.uk suggest that British people are not aware of how profoundly they have dug themselves into debt. The new survey indicates the degree to which Britons may be ignorant of the ins and outs of their own finances.

"Keeping track of your commitments and planning for the future are always important,” said Jim Hodgkins, managing director of CreditExpert.co.uk. “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."

Research results from the CreditExpert.co.uk survey indicated that ten per cent of those studied had no realistic vision of how much in debt they truly were.

The survey further indicated that 74 per cent of respondents were not clear on what finances they may or may not have set aside to make payments on their loans. This was the case even after the same group of respondents had initially indicated that they were aware of the details of their spending habits and resources. The age category which appears to be most unaware of the structure and deadlines of their credit commitments and general personal banking is the 18 to 34-year-old group of respondents. Close to 25 per cent of this group confessed to their lack of awareness.

Money News reported that the CreditExpert survey may be congruent with the recent publication of research from MoneyExpert.com. The latter revealed that the number of consumers who feel worried about their various credit or loan repayments rose by 5 per cent during the first three months of 2008.

In a related story from Debt Management Today, industry experts at Experian are suggesting that consumers with debt problems should feel that they can consult their lenders for advice on their options. Experian’s consumer education manager James Jones suggests that consumers have a range of options available to them, and that they should consider putting a monthly finance evaluation system in place for themselves. Jones recommended that people suffering from personal debt crises also consult free advice agencies such as the National Debtline or Citizens Advice. He suggests that these may assist homeowners in finding potential solutions in the face of financial gloom.
 
"Debt consolidation is one of a range of options,” said Jones. “I would encourage people to always speak to their lenders if they are struggling to make payments and if they feel the situation is getting out of control, they should seek advice."