Indebted Brits ‘in denial’

Millions of people who are facing debt management problems across the UK are in denial about the state of their own finances, it has been claimed.

According to a recent report from Moneysupermarket.com, there are some 15 million Britons who consider themselves to be middle class using personal loan and
credit card debt to fund their lifestyles.

In addition, there are thought to be almost six million people who think of themselves as being middle earners but whose actually incomes are well below the national average, the price comparison firm reports.

“With the credit crunch taking hold and the housing market faltering it’s worrying to see that so many people are spending and borrowing beyond their means to try to keep up with the lifestyles of others,” said Richard Mason, managing director of insurance and home services at Moneysupermarket.com.

Meanwhile, a report from CreditExpert last week suggested that millions of Britons are taking on serious amounts of debt to boost their image despite the financial risks involved.