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.


Tell others:


By continuing to use the site, you agree to the use of cookies. more information

The cookie settings on this website are set to "allow cookies" to give you the best browsing experience possible. If you continue to use this website without changing your cookie settings or you click "Accept" below then you are consenting to this.