Social media has become the go-to place for quick financial fixes, but new research reveals just how dangerous debt advice on social media can be.
A joint study from credit management company Lowell and free debt advice provider Money Wellness found that almost two-thirds (64.22%) of debt advice circulating on TikTok, Facebook, and Reddit is misleading, while an overwhelming 98.27% is unreliable.
With over 10.1 million people in the UK currently over-indebted (FCA Credit & Loans survey), many turn to online communities for support. But according to the study, the loudest voices in debt advice on social media can leave vulnerable people at risk of worsening their financial difficulties.
Experts brand 64% of debt advice on…