Personal Loans In The UK
Are we heading for disastrous debts?
Personal loans in the UK are very popular, but experts suggest that we're sitting on a timebomb: easy credit means people are borrowing far too much, and a typical UK consumer owes thousands of pounds in loans and credit card debt.
Personal loans in the UK are incredibly popular, and it's relatively easy to borrow money even if you've got a bad credit rating. However the experts are worried: they believe that lenders are making it too easy for people to borrow money and that a growing number of us are drowning in a sea of debt.
Credit cards and personal loans in the UK mean big profits for lenders, but the number of people in serious financial trouble has doubled since 1999. According to a report by accountants PriceWaterhouseCoopers, some 900,000 UK consumers will fall seriously behind in their repayments this year. Mortgage broker Opus reports that the average non-mortgage debt is around £10,000 per person, and that figure rises to £13,102 in the South.
Lenders are beginning to worry. The boss of Britannia, Neville Richardson, says: "I came across a random case where a couple wanted to increase their mortgage from £80,000 to £100,000 to clear £20,000 of credit card debt. There is nothing unusual in that. But you have to ask yourself, if these people had run up credit card bills in the past, surely they are likely to do it again?"
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