UK has ‘credit culture’

Britain has developed a credit culture that has left millions of people struggling to become debt free, one expert has asserted.

In earlier decades consumers would save before making any significant purchase, but in recent years easy access to loans and credit cards has seen many people borrow more and more money, according to Alistair Mathews from education charity pfeg.

Mr Mathews went on to suggest that debt management has become an increasingly common problem for British adults to deal with.

“We have almost officially built debt in to the system now,” he said.

“The availability is there and the banks and other organisations are very keen to sell these services to people, including easy loans and easy credit.”

Figures from the Credit Action charity show that the total amount lend to individuals in the UK was 5.8 per cent greater in September of this year than the same month in 2006.