Tuesday, October 31, 2017

In debt Brits

Six million Britons fear never being debt-free with 25% struggling to make ends meet and 62% worried about personal debt levels.

 According to new research which has also found the average person in the UK owes £8,000 – on top of any mortgage debt.

10% of respondents had “maxed out” on a credit card.

A third of those interviewed told researchers that they were already planning on taking on additional debt – in the form of credit cards, loans car finance and mortgages – in the next year.

Over a third said they could not see themselves ever being in a financial position to help younger family members, breaking the tradition of the “bank of mum and dad”.

 Another recent study by the Financial Conduct Authority  found that that 4.1 million people are already in serious financial difficulty. The survey, the biggest ever by the city regulator, concluded that half of the UK population are financially vulnerable, with 25- to 34-year-olds the most over-indebted.

https://www.theguardian.com/money/2017/oct/30/average-uk-debt-at-8000-per-person-not-including-the-mortgage

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