Cars ‘are Britain’s biggest debt lure’

Cars are the single greatest lure for British borrowers who are being driven into the red, according to recent research.

Figures compiled by Experian show that almost one in five men and one in ten women in the UK are being tempted to risk a debt management headache in order to buy the car they want.

And for many the motivation to spend beyond their means is to seem wealthier than in fact they are, with one in three people admitting that appearances are important to them.

The findings from the information services firm come despite the fact that millions British consumers are finding it difficult to become debt free, particularly since the start of the credit crunch.

Kirk Fletcher, managing director of Experian’s automotive division, said: “This survey highlights the fact that the consumer’s desire for a car that projects the right image remains as strong as ever.”

Earlier this week, Egg revealed that the typical individual in the UK now pays out more than £1,000 each month on bills, food and debt repayments.

Written by Frank Charlton


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