Posted: Wed May 09, 2007 2:01 pm
Borrowers unworried by five figure debt
Reports indicate that many UK consumers are largely unworried by mounting debt levels, with new figures suggesting that even five-figure debt is of little concern to many borrowers.
Research carried out by CreditExpert.co.uk indicates that borrowers remain confident despite spiralling debt and rising interest rates, with as many as six million consumers agreeing that debts under £15,000 are not worth worrying over.
It was also found that 1.4 million people, some five per cent of the population, would not start worrying about their debt until it reached £50,000. These findings are indicative of growing acceptance of debt in the UK, despite ever increasing debt levels. CreditExpert.co.uk managing director Jim Hodgkins warns that this attitude to debt could be problematic for borrowers.
"While many still see big debt as socially unthinkable, the reality is that an increasing number are finding it difficult to gauge when debt tips over to being unmanageable," he said.
"Many will find that debt they blithely ignored is in danger of spiralling out of control."
Figures from the government's Insolvency Service show that a record number of consumers were made insolvent during the last quarter of 2007.
Source: londonstockexchange.com
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Reports indicate that many UK consumers are largely unworried by mounting debt levels, with new figures suggesting that even five-figure debt is of little concern to many borrowers.
Research carried out by CreditExpert.co.uk indicates that borrowers remain confident despite spiralling debt and rising interest rates, with as many as six million consumers agreeing that debts under £15,000 are not worth worrying over.
It was also found that 1.4 million people, some five per cent of the population, would not start worrying about their debt until it reached £50,000. These findings are indicative of growing acceptance of debt in the UK, despite ever increasing debt levels. CreditExpert.co.uk managing director Jim Hodgkins warns that this attitude to debt could be problematic for borrowers.
"While many still see big debt as socially unthinkable, the reality is that an increasing number are finding it difficult to gauge when debt tips over to being unmanageable," he said.
"Many will find that debt they blithely ignored is in danger of spiralling out of control."
Figures from the government's Insolvency Service show that a record number of consumers were made insolvent during the last quarter of 2007.
Source: londonstockexchange.com
Please post any news stories about IVAs here:
http://www.iva.co.uk/forum/default.asp?CAT_ID=5
See my Blog:
http://ivanews.blogs.iva.co.uk