Menu
27/09/2006
Britons' debts 'double the European average'
People in UK have average debts that are almost double those of other Western Europeans, according to analysts.
A report by Datamonitor found that the average British citizen owed £3,174 in unsecured debts - such as personal loans and credit cards - compared to an average of just £1,558 in Europe.
The author of the report said that borrowers in the UK had an "insatiable appetite for credit."
Total personal debt in the UK, including mortgages, is now estimated to have reached around £1.2 trillion.
Paul Marsh, a financial services analyst at Datamonitor who wrote the report, warned that the UK market for lenders was reaching saturation point.
He said: "The UK is an increasingly difficult place to do business, due to the highly indebted nature of the population.
"Yet in other European countries consumers are not as indebted and the markets are not as sophisticated."
(KMcA/EF)
A report by Datamonitor found that the average British citizen owed £3,174 in unsecured debts - such as personal loans and credit cards - compared to an average of just £1,558 in Europe.
The author of the report said that borrowers in the UK had an "insatiable appetite for credit."
Total personal debt in the UK, including mortgages, is now estimated to have reached around £1.2 trillion.
Paul Marsh, a financial services analyst at Datamonitor who wrote the report, warned that the UK market for lenders was reaching saturation point.
He said: "The UK is an increasingly difficult place to do business, due to the highly indebted nature of the population.
"Yet in other European countries consumers are not as indebted and the markets are not as sophisticated."
(KMcA/EF)
Related UK National News Stories
Click here for the latest headlines.
30 January 2006
Fraud level triples in a year
A surge in fraud cases in the second half of in 2005 resulted in over £900 million of fraud being recorded - up nearly three times from the previous year's £329 million.
Fraud level triples in a year
A surge in fraud cases in the second half of in 2005 resulted in over £900 million of fraud being recorded - up nearly three times from the previous year's £329 million.
10 November 2009
Cash? That'll Do Nicely!
Shoppers across the UK are set to choose cash over credit for the first time in ten years this Christmas. According to a new report into spending habits, caution among consumers means they are using credit cards less A survey of 2,000 British consumers found that 68% had no plans to use any credit in the next three months.
Cash? That'll Do Nicely!
Shoppers across the UK are set to choose cash over credit for the first time in ten years this Christmas. According to a new report into spending habits, caution among consumers means they are using credit cards less A survey of 2,000 British consumers found that 68% had no plans to use any credit in the next three months.
21 May 2003
UK 'grappling' against mounting debts
A significant section of the UK population is grappling with "unmanageable debt," according to research published today by the Citizens Advice Bureau (Cab).
UK 'grappling' against mounting debts
A significant section of the UK population is grappling with "unmanageable debt," according to research published today by the Citizens Advice Bureau (Cab).
22 April 2004
Lenders warned over 'irresponsible' credit offers
Credit card companies have been warned that there will be no room for irresponsible lenders in the marketplace of the future. According to the Consumer Minister Gerry Sutcliffe, companies must improve data sharing to help promote "responsible lending" and crack down on those who exploit the most vulnerable borrowers.
Lenders warned over 'irresponsible' credit offers
Credit card companies have been warned that there will be no room for irresponsible lenders in the marketplace of the future. According to the Consumer Minister Gerry Sutcliffe, companies must improve data sharing to help promote "responsible lending" and crack down on those who exploit the most vulnerable borrowers.
04 December 2003
No change in interest rates
The Bank of England today held the UK interest rate at 3.75% in order to allow the impact of last month's 0.25% rise on the housing market to be assessed. The rate hold was widely expected after the Bank had previously indicated that it would "move cautiously".
No change in interest rates
The Bank of England today held the UK interest rate at 3.75% in order to allow the impact of last month's 0.25% rise on the housing market to be assessed. The rate hold was widely expected after the Bank had previously indicated that it would "move cautiously".
-
Northern Ireland WeatherToday:A showery start with outbreaks most frequent north of Lough Neagh and through the morning, before dwindling during the afternoon as the northwest breezes ease and brighter spells of weak sunshine prosper. Maximum temperature 8 °C.Tonight:A dry night, save for a few light showers around the coasts, with prolonged clear spells and light winds bringing a frosty dawn for many in central and southern parts. Minimum temperature -3 °C.
