Brits admit to having `no clue over debts`

One in every ten British consumers admit to having no idea about how much debt they are in, new research has revealed.

According to the study by CreditExpert, only 26 per cent of Brits can accurately state how much they have to pay on their loans, as debt problems continue to mount up.

The research also found that the majority of British consumers do not plan their finances regularly, with only one in five admitting to planning a budget every six months or less.

Meanwhile, the 18 to 34 age group are the worst at keeping track of their debts, with nearly a quarter admitting to being bad at managing their finances.

Jim Hodgkins, managing director of the company, said: "It`s alarming to see that while almost the entire UK population think they are on top of their finances, many aren`t."

According to research by Credit Action, the average UK consumer owed £4,840 on credit cards, loans and overdrafts at the end of April.