Serious debt among `biggest financial blunders`

7 August 2008

A study by Fool.co.uk has found building up serious debt is the second "biggest financial blunder" made by British consumers.

The survey found one in 14 people (seven per cent of respondents) said their most serious financial worry has come from borrowing more money than they can afford to repay.

Credit card debt was number three on the list, with one in every 17 people (six per cent) saying plastic spending was their biggest concern.

Head of personal finance at the information website, David Kuo, said debt help is easily available for people worried about their money.

"The important thing to remember is that making the right choices comes from knowledge and knowledge comes from knowing why you and others made wrong decisions," he added.

Deciding on the wrong mortgage has damaged the wealth of two per cent of those questioned, while bad investments topped the list of financial mistakes.

Also this week, Fool.co.uk has said Alistair Darling`s predicted stamp duty holiday would lead to bad debt.

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