Debt a long term trend in the UK

Wed, 15 Jun 2011

The personal debt problems being experienced by many UK citizens have not come out of nowhere, according to one financial expert.

Insolvency figures from the past ten years show that the issue is a long-term trend that has been apparent for quite some time, the Money Advice Trust noted.

Media Officer Paul Crayston explained that there are a number of reasons for the current debt level, with one being the price of items rising above wage growth.

This means that Brits are often spending money they do not have in order to maintain their standard of living.

"There's obviously been increased reliance on credit products, such as credit card loans and overdrafts, which has been a problem," the expert said.

"There's also other things, such as utility debts - [which is] something we're quite focused on at the moment - and we've seen quite a sharp rise in the number of people trying to pay those off."

Mr Crayston added that it tends to be a combination of factors that put people into debt and at risk of home repossession .
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