Silent majority won’t talk about debt
Lowell’s latest Financial Vulnerability Index shows borrowing has risen dramatically since the beginning of the year.
Lowell’s own research shows that over one in five Brits have mental health difficulties caused by money worries.
Despite this 69% of people in debt don’t talk about it with a majority saying it’s because they are embarrassed.
For this year’s Talk Money Week Lowell wants to break down the stigma and get people talking about borrowing.
The Autumn 2022 update to the Financial Vulnerability Index shows that average credit usage has risen from 48.7 to 52.7 since the start of the year, that’s why Lowell, the UK’s leading credit management company, is proud to support credit as the theme of this year’s Talk Money Week.
Lowell CEO, John Pears: “The most important thing for customers struggling with debt is to get in touch with us. If you have a problem, require support, a change in repayments get in touch, and we’ll be happy to work on a solution.
“The current situation with energy prices and inflation may be new, but customers can experience personal crises and income shocks like bereavement, illness, or loss of work at any time. That’s why Lowell has worked so hard on building a system that makes it easy for customers to flex their payment plans to fit with their situations.”