British personal debt is 'manageable'
Oct 12, 2006
British consumers might have twice as much unsecured debt as other western Europeans, but they are largely comfortable with it, an expert has claimed.
The founder and chief executive of the Centre for Economic and Business Research, said that personal debt in the UK is at a manageable level. The claims follow a report published last week by Datamonitor which found that with personal debt of £3,000, the average Briton owed twice as much as the average western European.
Speaking on BBC Radio Four's Today programme, he said that although consumers were borrowing frequently, most of the debt was mortgage debt, meaning that the middle man had effectively been cut out.
While previously people rented their homes and someone else borrowed, today people own their own homes and borrow themselves, he said. He predicted that although a further 100,000 Britons were set to go bankrupt in the future, but said that this had a lot to do with changes in bankruptcies laws rather than other causes.
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