Consumers unprepared for downturn
Consumers unprepared for downturn
Tuesday 30th September 2008
The poll from Norwich Union revealed that consumers are not engaging with their finances, despite mounting concerns that a recession is on the way.
This was borne out by the fact that 78 per cent of people were found to be unaware of the interest rate on their mortgage, while 67 per cent do not know what their monthly mortgage payment is.
Meanwhile, one in ten admitted they were unsure what their utility and council payments are.
The findings seem set to fuel predictions that millions of people could run into debt this year due to their lack of preparedness for the slowdown and the squeeze on household finances exerted by higher repayments on mortgage and credit card debt and soaring living costs.
Alvin Hall, an independent finance expert, said: "In difficult economic times like today, it's crucial that each of us understands exactly where every penny of our pound is going."
Consumers who are concerned they may be developing a debt problem are urged to seek specialist debt advice.
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