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
This article is related to the ING International Survey: