Why you should pay your debts
A recent survey found that a third of UK households have not been paying back their debts, with an estimated £10bn owed.
That is more than twice the amount that has been spent on interest payments on those debts, the UK Bankers’ Association has said.
The survey of 1,000 people found that 42 per cent of respondents said they were “not paying any of their debts”.
The bank, which represents over 600 financial institutions, said the survey indicated that a fifth of the UK population were not doing enough to pay their debts.
In response to the survey, the British Bankers Association said: “The survey results also confirm the urgent need for people to do more to reduce their financial risks.”
“A recent survey showed that 42% of UK Households have not paid their debts,” the bank said.
“This is a worrying statistic as it is indicative of the growing amount of debt in the UK and is indicative that the problem of household debt is far from solved.”
A spokesperson for the Bank of England said: The Bank is aware of the survey and will be doing more to support people who are struggling with their debts.
“”We understand the importance of getting your finances back on track and will continue to support the millions of people who have already started to pay off their debts and pay them off quickly,” they added.