Posted: Tue Jun 26, 2007 9:56 am
Underlying debt legacy problematic, says expert
Debt remains a big problem for Britons, despite reports that suggest the nation is becoming more sensible borrowers.
This is according to debt expert James Falla, managing director at consultancy Thomas Charles, who warned that many people are still facing problems with borrowing.
"Underlying, there are still a large number of people struggling and getting into difficulty," he said.
While new borrowing seems to be tempered, Mr Falla warned against complacency.
"Let's not get too comfortable, because what about all the legacy of borrowing that's already happened," he said.
Mr Falla explained that consumers now have to deal with a "legacy" of lending of the last 15 or 20 years that is now causing people problems.
Recent figures by the British Bankers' Association suggested that credit card borrowing is continuing its downward spiral.
Last month, total credit card lending by banks dropped by some £409 million, the association said.
Source: londondstockexchange.com
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Debt remains a big problem for Britons, despite reports that suggest the nation is becoming more sensible borrowers.
This is according to debt expert James Falla, managing director at consultancy Thomas Charles, who warned that many people are still facing problems with borrowing.
"Underlying, there are still a large number of people struggling and getting into difficulty," he said.
While new borrowing seems to be tempered, Mr Falla warned against complacency.
"Let's not get too comfortable, because what about all the legacy of borrowing that's already happened," he said.
Mr Falla explained that consumers now have to deal with a "legacy" of lending of the last 15 or 20 years that is now causing people problems.
Recent figures by the British Bankers' Association suggested that credit card borrowing is continuing its downward spiral.
Last month, total credit card lending by banks dropped by some £409 million, the association said.
Source: londondstockexchange.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