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Bank charges: Brits 'have high tolerance for debt'

Brits could be particularly susceptible to suffering from credit card charges or other forms of debt, following Bright Grey's financial safety net report that revealed the average person only thinks they are in serious financial difficulty when they owe £14,416.

However, in 2010 this figure was £15,837, indicating the public is slightly more intolerant of loan charges than they used to be.

The company claimed this study reveals the nation's attitude to debt has "spiralled out of control".

"Attitudes are moving in the right direction, but there needs to be a sizable shift," Bright Grey proposition director Roger Edwards said.

People aged between 35 and 54 were deemed to have the highest threshold for owing money, with the average person in this demographic believing they would have to owe more than £15,590 before they considered themselves in economic dire straits.

A previous investigation by the firm found ten per cent of Brits spend more money than they earn every month.

John Fieldman
Having worked in the city for 19 years, John's main focus is interest rates and corporate finance.ADNFCR-2776-ID-801340946-ADNFCR

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