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Debt deniers facing a grim future

Wednesday July 14th 2010

Many consumers display a worryingly lax attitude to their financial situation, a study by market research agency Opinium found, despite the Government tightening its purse strings to bring down the deficit and total personal debt topping £1,460 billion.

Around 60% of respondents claimed they wouldn't worry about servicing their debts, even if they became unemployed.

Just over a third (35%) said they would be concerned about the prospect of debt collectors knocking on their door, while two in three (66%) said they would remain unruffled even if money was too tight for essentials such as gas and electricity bills.

Worryingly, only 17% admitted they would be worried if their friends and family fell out with them over the money they owed them.

Less than half (43%) of those with debt would be concerned if they couldn't pay their mortgage or rent, meaning 57% of those with debt would not suffer from sleepless nights if they missed a mortgage or rent payment.

Those missing two or more loan or credit card repayments seem the least worried, with only 15% saying this would worry them, despite the potentially dire consequences of doing so.

Copyright © Press Association 2010

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