British consumers have become accustomed to borrowing and happier to take on large amounts of debt, it has been suggested.
A spokesperson for Saga claimed that the attitude of people around the country has shifted and that now debt management is seen as part of everyday life.
However, the spokesperson for the financial services provider also maintained that in many cases British consumers find themselves in debt management difficulty and often borrow more heavily than they can afford.
“In general society’s attitude towards debt has changed. People are happier to have higher levels of debt,” the Saga representative commented.
Adding: “Obviously there are people facing financial hardship and part of that is due to the easy access to credit, which can encourage people to get into levels of debt they cannot manage.”
The accountancy firm KPMG forecast early this year that there will be more than 130,000 people in England and Wales declared insolvent over the course of 2007.