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Loan charges: Debt increasingly becoming a burden for Brits

People in Britain are increasingly viewing their financial debt as a burden, with people on the less wealthy end of the spectrum worst hit by the subsequent credit card and loan charges.

The Office for National Statistics revealed that between 2006/08 and 2008/10, the number of people who considered their debt a burden grew to almost half (49.4 per cent). This marks a 1.9 per cent increase on the earlier period.

More than half (51 per cent) of homes said they had financial liabilities, which across the country totalled £94.7 billion.

Poorer households were found to be 13 times more likely to consider their debt problems a heavy burden. Just 3.1 per cent of the wealthiest people said their money troubles were this severe, compared to 40.9 per cent among the least well-off.

The south-east was the area of the country with the highest level of debt, averaging out at £4,000. Households in Wales had a median of £2,000, while the nationwide figure was £3,200.

Charles Baker

Charles is a reputed financial analyst with decades of experience under his belt.ADNFCR-2776-ID-801530816-ADNFCR

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