Stories | January 22, 2014

Four dangerous debt dilemmas (+ infographic)

Responsible borrowing is a routine part of managing money for many people.

However, running a household balance sheet can raise challenges.

The third annual ING International Survey on Savings asked almost 13,000 people in 13 countries in Europe if they have debts (excluding a mortgage) and – if so – how they are managing them.
The results reveal these four interesting debt dilemmas:

18% with debts don’t know how much they owe – and knowing how much money is owed is an important part of managing a household budget
52% with savings also have credit card debt – so many people may be failing to pay their expensive debt quickly
15% of borrowers who have a Masters degree or a PhD don’t know how much they owe – which shows even the most academically gifted need to avoid the trap of neglecting their budget
30% who’ve borrowed money from family or friends hid a purchase from loved ones – which suggests borrowing from friends and family carries the risk of different stresses and penalties


SavingDebtScam

This article is related to the ING International Survey:

Savings 2014

Savings 2014

January 22, 2014

The third annual ING International Survey on savings throws the spotlight on the state of savings of almost 13,000 people in Europe, how prepared people are for a financial emergency and how they are managing debt.

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