How Does Perception Of Debt Differ From Reality?
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Take a look at the infographic above, it shows how perception of debt sufferers and the true picture can sometimes vary significantly. Payplan.com, a leading UK debt management company, have produced the above infographic in order to dismiss some perceptions that many people may have about those who suffer from a debt problem.
For example, in terms of regions it appears that many people expected the North East to be a debt hotspot when in fact it is one of the areas with the lowest levels of debt. Also, if you look at the numbers with reagrd to divorced and seperated people and the perceptions compared to the reality you see some stark contrasts.
The are also some misconceptions about homeowners and debt, with most people expecting this group to have much lower levels of debt. In terms of average monthly incomes, the perception was that the average wage of a debt struggler would be lower than it actually is. Total amounts of unsecured debt of those with a debt problem are also much higher than was perceived in the survey. Also, with regard to how long it will take people to pay off their debt, the perception is very much that it will not take as long as it actually will with an average amount of time of 9 years as against the perceived average of 7.
What we can take from this is that there is no stereotype when it comes to debt sufferers. They can live in any region, be from any walk of life and be at any income level.
Perhaps there are explanations for the above. For instance, people in the higher income brackets who have higher levels of debt will be in that situation because they have had more access to credit and thus more temptation. On the flipside, those from the north east will have lower levels of debt because average incomes tend to be lower and access to credit is limited.
Source: Debt Management Company, Payplan who are an IVA and Free Debt Management Plan provider.
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