Richard Lander, director at Citwire.co.uk, reports that the latest monthly update from Seven Investment Management warns about the UK’s poor debt management.
“Britons are a nation of debtors. According to Bank of England data, lending to UK individuals stands at £1,257 billion, equivalent to £21,000 per capita,” he reports.
“UK per capita household debt is well above that in continental Europe.”
The report is stated as adding that 55 per cent of credit cards issued in Europe are held in the UK, increasing the risk of Britons getting themselves into credit card debt.
Mr Lander also comments that insolvencies, such as bankruptcies and Individual Voluntary Arrangements (IVAs), are up in the UK, as seven million people struggle with their debt management.