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UK debt ‘double Europe average’
The BBC News website has stated that:-
People in the UK are borrowing on average almost twice that of citizens in other western European countries, a report has found.
Unsecured UK lending, such as credit cards, was £216bn (319bn euros) in 2005 – more than a third of all new non-mortgage borrowing in Europe.
The average British resident owes £3,175, business research firm Datamonitor said.
Total UK personal debt, including mortgages, is about £1.2 trillion.
The report, which looks at the market for borrowing via personal loans, hire purchase, credit cards and overdrafts in 16 European countries, said that the UK had an “insatiable appetite for credit”.
The average European owed just £1,558 in unsecured debt.
Is this country heading into a sprial of debt?
First Signs of Debt Problems
The summer is nearly over. Interest rates have gone up…. depressing if you’ve got a mortgage.
Keep a tight rein over your debts otherwise they’ll spiral out of control before you’ve even realised.
The first signs of debt problems will be:-
- Going overdrawn before payday every month
- Not paying more than the minimum payment on a credit card.
- Switching between credit cards which just delays the inevitable time when the debts have to be paid!
- Banks not paying cheques / direct debits
If some of these start happening – it may be a temporary problem. However, it is important to be true to yourself and is an opportunity to stop the situation becoming uncontrollable. Take action today