UK Financial Services Firms Must Empower Their Customers With Better Debt Management Tools

Thirty-six percent of UK borrowers are prepared to take on debt to achieve a specific goal. Credit card borrowing peaks among people in their late 30s and early 40s as consumers balance mortgage payments and family commitments. Three out of four UK borrowers agree that paying their debt as soon as possible is the best option, but 40% of credit card owners don’t clear their balance. Over a quarter of UK online adults with debt products say that having debt impairs their savings and their ability to pay bills, while 36% of young UK online adults are overwhelmed by debt. Thirty percent of UK online adults claim to have an excellent credit score; 14% of younger ones don’t even know where they stand.