Debt ‘a way of life’
Article Category: Debt Management Help and AdviceDebt is an accepted part of British culture, it has been observed.
Director of policy at financial charity pfeg Alastair Mathews remarked that for most people it is impossible to get onto the housing ladder or go to university without accepting a certain level of debt.
"We have almost officially built debt in to the system now," he said.
This makes the situation more complicated, because while a number of people will be able to carry out sensible debt management strategies, some may find that interest rate rises create debt problems, Mr Mathews noted.
Although "debt is now something that most people plan for and many people manage quite adequately," he remarked, for some people the threat of "real problems" is always present.
Figures published by Credit Action this month show that total personal debt in the UK was £1,380 billion at the end of September 2007, while there has been a 5.8 per cent rise in total consumer credit lending to individuals in the last 12 months.
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