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Debt indifference costs Brits
31/01/2006 14:51:00
If the average British household put its mind to it, it could clear debt worth £1,215 in three months, according to an experiment by AXA.
The AXA Avenue study, which started in November 2005, involves an independent financial advisor, Saran Allot-Davey, giving guidance to 20 households in Brighton.
On the back of this work, it was revealed that households could reduce personal debt by £1,215 within three months, which when applied to the nation as a whole could reduce the nation's debt levels by £29.7 billion.
But 70 per cent of people are hindered by an attitude that suggests they simply aren't bothered, as they are not concerned about accumulating debt on credit cards or loans.
Furthermore, four in five Brits think being in debt is an acceptable part of today's society, with many people happy to owe as much as £6,370 and some even willing to have debts amounting to £50,000.
Ms Allot-Davey said: "I believe that people are generally apathetic when it comes to managing and reducing their debt and tend to need a catalyst to drive positive financial change."
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