High number of Brits admitting debt problems

Wed, 29 Feb 2012

A high number of Britons have admitted they are struggling with problems, with a sizeable proportion also claiming they are not willing to confront the issues.

This is according to new research from the Co-operative Bank, which found 70 per cent of adults in the UK are struggling with arrears.

However, 29 per cent of those questioned said they are not prepared to face facts and try to correct the situation.

According to the report, those who are allowing their monetary troubles to build up are suffering from 'DRIP' syndrome - they Deny, Rationalise, Ignore and Postpone their difficulties.

Robin Taylor, head of banking at the Co-operative Bank - which is part of the Co-operative Group - said that while it is no surprise to learn so many people are suffering from financial issues at present, it has come as a shock to see a high proportion are choosing to ignore these problems.

The industry figure stated: "Managing your money with steps such as writing a list of incomings and outgoings and regularly checking your bank account will help you get on top of your finances."
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