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UK personal debt levels are a "time bomb" that pose a threat to millions of households, a report commissioned by the Conservative Party has found.
Personal debt levels of more than £1 trillion mean that about 15 million people are exposed to external shocks such as a sharp rise in the oil price.
Maxed out?
According to research company Datamonitor, the average Briton owed £4,000 in unsecured debt at the end of 2004.
Speaking on BBC Radio 4's The World This Weekend, Lord Griffiths said that a large part of the problem was the aggressive marketing of loans.
In its report, the commission said that "the sheer scale of consumer debt has made millions of households extremely vulnerable to shocks in the economy, both from fiscal mismanagement and external factors such as oil price rises, acts of terrorism and wars".
"A downturn in the economy would create serious economic and social problems for the 15 million people who struggle with debt repayments."
"Debt is a time bomb which could be triggered by any number of shocks to the economy."
Yes of course it is. It is in fact terrible I work in a bank and they consistenly force us to put people in debt by promoting products such as Credit cards and Loans. The average person has 3 credit cards in the UK and the rate of interest on these products is ridiculous. We are a worldliving in debt Mortgages , Store Cards, Loans and many more......
I got out of debt with credit cards about 6 years ago and pledge never to do it again and so far so good ....I just use my bank card and if I don't have the funds in the bank I don't get it....forget living beyond means.
Check this out I have a friend that is about 80,00 dollars in debt to student loans for a private college (USC) and she pays the student loan with credit cards which is nothing but a vicious cycle. I know people who buy food and pay rent with cc too. It is really scary
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25-03-05, 05:13 PM
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