Finance company CreditExpert has claimed UK mortgage holders are "clueless" about the impact that rate rises have on their finances .
According to the firm's latest Personal Credit Index, 70 per cent of borrowers are unable to grasp and accurately calculate the impact that interest rate rises will have on their personal finances .
However, regardless of whether they understand the exact situation regarding the economy's impact on their mortgage repayments, over half of those surveyed said that are happy with the amount of personal debt they have.
Some 53 per cent laid claim to this state, a two point rise from the last quarter. Meanwhile, an increase has also been recorded in the proportion of people who believe they are comfortable with their loans .
Jim Hodgkins, managing director of CreditExpert, commented: "It's important for people to be familiar with standard financial terms and stay on top of changes that affect their personal finances so they can make the best possible decisions and choices."
The National Association of Pension Funds recently claimed that Britons could benefit from receiving generic personal finance advice in the workplace.
Mortgage holders called clueless
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Mortgage holders called clueless
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