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Brits 'addicted to debt'

Brits 'addicted to debt'

• Pay off those credit cards with a remortgage or loan

 

The British obsession with debt needs to be solved if the country is to move forward in the future, it has been claimed.

According to the Conservative Party, there is a large problem and the credit climate is leading to more woes in a greater number of households, reports the Daily Express.

Shadow Chancellor George Osborne suggested that UK consumers are "addicted to debt" on loans and via credit.


"While many people borrow responsibly, there are a growing minority who struggle to pay their loan bills. With the cost of living rising, that is likely to get worse," he commented at a recent event.

And he said that a fair amount of responsibility should be seen by consumers themselves to ensure their debts are minimised.

Debt in the Midlands area has grown in recent times, Birmingham and West Midlands Society of Chartered Accountants president Andeep Mangal has said, with the credit crunch exacerbating this.

Your home may be repossessed if you do not keep up repayments on your mortgage.

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