Two‑thirds of people (65%) say their current debts influence the financial decisions they make from saving to making bigger purchases. Yet only 17% feel they really understand and know a lot about how debt consolidation works, despite its ability to simplify repayments and reduce interest costs.
This gap matters because our analysis shows that people could save an average of £1,257 a year in interest by consolidating unoptimised debt. And if there was broader adoption of debt consolidation technology, it could also unlock £15.1 billion in household spending and generate £2.1 billion in extra savings annually.
Perhaps more critically, when people don’t know what options exist, they often turn to riskier ones….