Sun, 28 Aug, 2016
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Brits not bothered by credit card debt

Many Britons are unconcerned about their level of personal debt, it has been found, despite an increasing amount being owed on credit cards and loan repayments.

According to a study by market analysts Mintel, although 2.5 million Britons have unsecured debts of over £10,000, 70 per cent do not view this as a problem and a quarter would happily borrow more.

Nearly half the total population of Britain owes money on credit cards, overdrafts or loans, with one in 20 owing over £20,000.

"While many people in debt may have the means to continue meeting their repayments, the high levels of debt and lack of worry does clearly represent a cause for concern," remarked Paul Davies, senior finance analyst at Mintel.

"Although the research certainly shows that an impending debt crisis is not inevitable, a large minority of households are extremely vulnerable to any deterioration in the prevailing economic conditions."

The most popular method of borrowing among Britons is on credit cards, with six per cent of adults also owing on a store card.