Three-quarters of British borrowers claim to be “comfortable” with their level of debt, according to recent findings by CreditExpert.

The first Credit Index from the company, which aims to chart consumer credit confidence, also reports that 85 per cent of adults remain confident that they can maintain their current levels of debts; paying off loans, credit card bills and mortgages.

Borrowers also remain confident for the future. A third (32 per cent) expect their level of debt to decrease in the coming six months, with over half of those who are “uncomfortable” with their debt expecting to reduce their borrowing over the same period.

CreditExpert managing director Jim Hodgkins said: “It’s important that we keep track of our credit commitments to ensure we’re borrowing within our means.”

Mr Hodgkins also warned that ignorance might be bliss for some borrowers. Figures revealed that 20 per cent of debtors have no idea of their current credit rating, which could potentially affect their ability to take out personal loans or mortgages in the future.

The average consumer in the UK has five credit agreements, but only five per cent of those people have requested to see their credit report.

This means more people could have a worse credit history than they are aware of, leading to a certain amount of apathy and a lack of knowledge of their own particular situation, which in turn may result in problems when they next apply for a loan or a mortgage.

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