British consumers borrow money in a many cases because they want to enjoy the same kind of lifestyle as their favourite celebrities, it has been suggested.
A report from Standard Life has claimed that many people are prepared to add to their debt management difficulties in an effort to be more like the famous faces they see on television.
Furthermore, many people have recently borrowed money in order to gain or maintain a certain status among their peers, which the financial services firm describes as representing a “seismic shift” in attitudes towards credit.
“Credit is not only freely available but considered a way of financing lifestyles rather than reflecting need,” said Anne Gunther, chief executive of the Standard Life Bank.
“Rising debt is also becoming a key issue for younger people from primarily reasonably affluent backgrounds,” she added.
The most recent figures from the Credit Action charity suggested that the UK’s personal debt management burden is increasing by close to £1 million every four minutes.