Brits: Debt below £15k is not a concern
May 4, 2007 by admin
Filed under News, News-Banking
Millions of Britons are unconcerned by their growing levels of debt despite recent interest rate rises.
According to the Personal Credit Index survey from CreditExpert.co.uk, six million people would remain unconcerned about their debts if they stayed below £15,000.
That figure does not include mortgages and a further 1.4 million Britons would be happy to rack up £50,000 in debt before becoming concerned.
This is all adds up to a growing level of confidence among Brits, with Experian, the firm behind CreditExpert and the survey, saying that consumer confidence is currently at an annual high.
“The fact that so many Brits are happy with unsecured borrowing of at least £15,000 may seem shocking on first sight but the credit-comfy generation seems to have become anaesthetised to the real implications of mounting debt,” commented Jim Hodgkins, managing director of CreditExpert.co.uk.
“With the current rise in interest rates, many will find that debt they blithely ignored is in danger of spiralling out of control.”
In spite of our apparent apathy towards debt, the survey showed that it remains something of a social taboo.
One in ten of those questioned claimed that their debt problem is their most socially embarrassing life event, putting it well above getting a divorce or being caught using illegal drugs.
