New analysis by Know Your Money has revealed that over a quarter (27%) of Brits used a credit card to make a purchase without considering any form of repayment plan. The research found that:
- Over a third (32%) of UK consumers have no idea how they will clear their debts
- Consequently, 25% of consumers admit to missing scheduled debt remunerations
- Welsh consumers appear to be struggling the most, with 32% admitting to skipping one or more instalments within the past 12 months
- 20% of Brits have been forced to default on their debt altogether
- Over a quarter (27%) of Londoners have completely evaded debt repayment.
- Analysis suggests Londoners are the most frivolous when using debt, with 36% using credit to make purchases without any consideration for future finances.
- Consequently, 41% of Londoners have been refused some form of credit in the past 12 months
- Northern Ireland and the South East have a better track record with clearing debt:
- 89% completely meet all their payment requirements
In an independent survey of over 2,000 UK adults, the financial comparison site found that a quarter (25%) of Brits have skipped a scheduled debt instalment within the past 12 months. Meanwhile one in five (20%) have dodged repayment altogether.
Londoners have proven to be the worst culprits, with a whopping 27% admitting to completely reneging on squaring their debt.
Thoughtless spending could be to blame for London’s money troubles; 36% have used credit cards to make purchases without considering the long-term impact on their finances. Consequently, 43% of Londoners have regretted using credit cards to make frivolous purchases within the past 12 months.
This will likely impact Londoners’ financial futures, given that more than two-fifths (41%) of them have been refused some form of credit in the past twelve months.
Meanwhile, Welsh consumers struggle with punctuality, when it comes to squaring their debts; 32% admit to missing one or more scheduled payments in the past year.
In contrast, Northern Ireland and the South West appear to be more diligent when it comes to debt; the vast majority in both regions (89%) fulfil their payment commitments.