Nearly A Quarter Do Not Know How Much They Owe
A significant number of people who possess loans and credit do not know how much they owe, according to a recent survey by MORI Social Research Institute on behalf of Citizens Advice.
A significant number of people who possess loans and credit do not know how much they owe, according to a recent survey by MORI Social Research Institute on behalf of Citizens Advice.
Possession of loans and credits appears to be the norm, with three-quarters (74%) of people having at least one. However, 23% of people who have loans and credit do not know how much they owe and this increases significantly among students, who are also most likely to be unaware of their own financial situation generally.
Technical details
MORI interviewed a representative quota sample of 1,986 adults aged 15+ across Great Britain. Interviews were conducted face-to-face, in-home between 3-9 July 2003. Data are weighted to the known national population profile.
Topline Results
Q1 If you were ever in financial difficulties in the future, which of the following, if any, would you go to for advice and/or information?
Base: All (1,986)
| 160 | % |
|---|---|
| Family/friends | 46 |
| Bank/Building Society advisor | 42 |
| Citizens Advice Bureau | 34 |
| Independent Financial Advisor | 24 |
| Free advice agency | 13 |
| Accountant | 12 |
| Internet | 8 |
| Credit reference agency/credit report | 2 |
| Free charging debt management agency | 2 |
| Credit repair agency | 1 |
| None | 3 |
| Other | 1 |
| Refused | 1 |
| Don't know | 2 |
Q2 Looking at this card, which ONE of the following best describes how you and your household are managing at present?
Base: All (1,986)
| 160 | % |
|---|---|
| I am/we are keeping up with our bills and credit commitments without any difficulties | 56 |
| I am/we are keeping up with all our bills/credit commitments, but struggle to do so from time to time. | 26 |
| I am/we are keeping up with all our bills/credit commitments but it is a constant struggle | 8 |
| I am/ we are falling behind with some of our bills or credit commitments | 2 |
| I am/we are having real financial problems and have fallen behind with many bills or credit commitments. | 1 |
| Other | 1 |
| Refused | 1 |
| Don't know | 4 |
Q3 Looking at this card, which, of the following, if any do you currently have more of?
Base: All (1,986)
| 160 | % |
|---|---|
| Credit card | 54 |
| Bank or Building society overdraft facility | 42 |
| Store-card | 24 |
| Personal loan | 16 |
| Mail order/catalogue loan | 11 |
| Hire purchase agreement | 9 |
| Secured loan/re-mortgage | 9 |
| None of these | 26 |
| Refused | 2 |
| Don't Know | * |
Q4 Looking at this next card, how often, if at all, would you say you use these loans and credits you have mentioned for...
Base: respondents who have one or more credit cards / loans
| 160 | a. Paying regular household bills? | b. Making ends meet till the next pay day, benefit or pension payment? |
|---|---|---|
| Base: | (1,333) | (1,333) |
| 160 | % | % |
| Always | 7 | 4 |
| Very often | 5 | 5 |
| Fairly often | 10 | 11 |
| Not very often | 18 | 23 |
| Never | 59 | 56 |
| Refused | * | * |
| Don't know | 1 | 1 |
Q5 Please read out the letter, which applies, to the TOTAL number of credit and store cards you currently have.
Base: Respondents who have more than one credit/store cards (1,100)
| 160 | % |
|---|---|
| One | 38 |
| Two | 25 |
| Three | 16 |
| Four | 9 |
| Five | 5 |
| Six | 4 |
| Seven | * |
| Eight | 1 |
| Nine or more | 1 |
| Refused | 1 |
| Don't know | 1 |
Q6 Looking at this card, how much, if anything, do you usually pay off your TOTAL credit and store card balances on average each month?
Base: Respondents who have more than one credit/store cards (1,100)
| 160 | % |
|---|---|
| Less than minimum payment | 2 |
| minimum payment | 10 |
| More than the minimum payment but less than the full balance | 29 |
| Full balance | 49 |
| I have no outstanding balance on my credit/ store cards | 9 |
| Refused | 1 |
| Don't know | 1 |
Q7 Looking at this card, how often, if at all, have you been overdrawn on your current bank/building society account in the past year?
Base: Respondents who have an overdraft facility (787)
| 160 | % |
|---|---|
| Never | 36 |
| Once or twice a year | 29 |
| Once every two or three months | 15 |
| Every month | 13 |
| Always overdrawn (that is current account never in credit) | 6 |
| Refused | 1 |
| Don't know | 1 |
Q8 Thinking back to the credits and loans you said you had -- do you know how much, if anything, you owe in TOTAL on all these credit commitments and loans? These might include credit cards, store cards, hire purchase agreements, personal loans, re-mortgaging your home (equity release) or secured loans -- but does not include any current or main mortgage or a re-mortgage if you took it out simply change to a new rate.
Base: Respondents who have had any credits/loans (1,389)
| 160 | % |
|---|---|
| Yes | 51 |
| No | 23 |
| Don't owe anything | 23 |
| Refused | 2 |
Q9 Looking at this card, could you please read out the letter which best corresponds to the total amount you currently owe.
Base: Respondents who know credit or loan amount (718)
| 160 | % |
|---|---|
| Under 1631000 | 44 |
| 1631000-1631,999 | 12 |
| 1632,000-1632,999 | 7 |
| 1633,000-1633,999 | 6 |
| 1634,000-1634,999 | 5 |
| 1635,000-1637,499 | 4 |
| 1637,500-1639,999 | 3 |
| 16310,000-16314,999 | 6 |
| 16315,000-16319,999 | 3 |
| 16320,000 or more | 2 |
| Refused | 5 |
| Don't know | * |
Q10 Have you taken on additional credit within the last 12 months? Again, this does not include any current main mortgage or a re-mortgage if you took it our simply to change to a new rate.
Base: All (1,986)
| 160 | % |
|---|---|
| Yes | 12 |
| No | 86 |
| Refused | 1 |
| Don't know | 1 |
Q11 Have you, or a member of your house hold ever sought advice on any matter from a citizens advice bureau?
Base: All (1,986)
| 160 | % |
|---|---|
| Yes -- respondent | 30 |
| Yes -- other household member | 9 |
| No | 61 |
| Refused | * |
| Don't Know | 3 |
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