Despite the Financial Services Authority (FSA) revealing that it will be taking a closer look at consumer responsibility in the coming months, the research suggested that three-quarters of borrowers in debt did not blame themselves for their financial position.
Owen Robert, head of Callcredit Consumer, admitted that the blame had to rest with lenders and borrowers. He said: “Instead of worrying about who is to blame, as individuals we need to take responsibility for our own financial wellbeing. My advice to people who feel that they are struggling with repayment commitments is to assess their debts by checking their credit report; they should then contact their lenders to discuss a suitable repayment plan.”
The study into consumer debt also indicated that 10 per cent of consumers believed that they should be responsible for determining the affordability of their borrowing, rising to 22 per cent in London.
A mortgage intermediary, who wished to remain anonymous, said: “A lot of borrowers think they can turn to the state if they experience difficulty so it doesn’t surprise me that they do not take any responsibility.”
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