Financial providers in the UK have had to close one in five accounts because Britons have been unable to meet their monetary commitments, a new report has found.
Missing repayments can be damaging for consumers, but many of them are "burying their heads in the sand" over debt, Confused.com said.
With monetary commitments such as credit card balances piling up, many people could be concerned about the rising interest rates that often are attached to unsecured debt.
Indeed, some individuals may have considered moving their existing balance to a zero per cent credit card in the hope of staving off rising repayments.
Chris Radford, chief executive officer of aap, the UK's biggest buyer of endowment policies, said some of its customers with credit card debt had decided to sell their underachieving endowment policies to help raise the cash to pay off balances, rather than relying on further credit to keep on top of financial commitments.
The survey by Confused.com found that residents in Yorkshire are the worst offenders when it comes to having their accounts closed, with 35 per cent of accounts shut down by providers because of failure to keep up with repayments - exceeding the national average by 13 per cent.
In second place are Britons who live in the south-east, whilst the East Midlands is in third place for having accounts shut down.
Commenting on the findings, Joanne Garcia, head of credit cards at Confused.com, said: "Credit card users in all regions need to understand how damaging it can be to miss repayments. Whilst it may not seem like a big deal to miss a few payments here and there, credit providers - which include mortgage lenders - leave no stone unturned when it comes to checking a person's credit worthiness."
Mr Radford, from aap, said some of its customers with credit card debt had decided to sell their unwanted endowment policies in order to make headway clearing credit card balances.
He added that should aap make an offer to purchase an endowment policy, it will always pay more than the surrender value offered by the insurance company.
Missing repayments can be damaging for consumers, but many of them are "burying their heads in the sand" over debt, Confused.com said.
With monetary commitments such as credit card balances piling up, many people could be concerned about the rising interest rates that often are attached to unsecured debt.
Indeed, some individuals may have considered moving their existing balance to a zero per cent credit card in the hope of staving off rising repayments.
Chris Radford, chief executive officer of aap, the UK's biggest buyer of endowment policies, said some of its customers with credit card debt had decided to sell their underachieving endowment policies to help raise the cash to pay off balances, rather than relying on further credit to keep on top of financial commitments.
The survey by Confused.com found that residents in Yorkshire are the worst offenders when it comes to having their accounts closed, with 35 per cent of accounts shut down by providers because of failure to keep up with repayments - exceeding the national average by 13 per cent.
In second place are Britons who live in the south-east, whilst the East Midlands is in third place for having accounts shut down.
Commenting on the findings, Joanne Garcia, head of credit cards at Confused.com, said: "Credit card users in all regions need to understand how damaging it can be to miss repayments. Whilst it may not seem like a big deal to miss a few payments here and there, credit providers - which include mortgage lenders - leave no stone unturned when it comes to checking a person's credit worthiness."
Mr Radford, from aap, said some of its customers with credit card debt had decided to sell their unwanted endowment policies in order to make headway clearing credit card balances.
He added that should aap make an offer to purchase an endowment policy, it will always pay more than the surrender value offered by the insurance company.
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