These people are not alone! Latest figures show that the average household debt is running at approximately £15,300. The Money Advice Service (MAS) estimates that 8.3 million people in the UK are over-indebted, and 22% of UK adults have less than £100 in savings, making them highly vulnerable when these life events happen.
A lot of people perceive that being in debt has a stigma attached to it. Many feel embarrassed talking about their debt, or they feel that they will be judged. This perception leads to many consumers not engaging with their creditors or looking for advice. In addition, 40% of people don’t actually know who, or where, to turn to for advice and 50% of people in debt wait at least 12 months before taking any action.
The situation is worsened when you consider that 68% of people who are in debt also have physical or mental health issues. At Lowell, we have fully trained agents, who are there to support and listen to customers without judgement. Customers who require additional support are given specialist assistance at every step in their journey.
We believe that debt has to be de-stigmatised and we want to help consumers regain control of their lives that is why Lowell are working on a number of initiatives to help and overcome the social taboo of debt.
Here are some of our customers talking about their debt stories.