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27/09/2006
Britons' debts 'double the European average'
People in UK have average debts that are almost double those of other Western Europeans, according to analysts.
A report by Datamonitor found that the average British citizen owed £3,174 in unsecured debts - such as personal loans and credit cards - compared to an average of just £1,558 in Europe.
The author of the report said that borrowers in the UK had an "insatiable appetite for credit."
Total personal debt in the UK, including mortgages, is now estimated to have reached around £1.2 trillion.
Paul Marsh, a financial services analyst at Datamonitor who wrote the report, warned that the UK market for lenders was reaching saturation point.
He said: "The UK is an increasingly difficult place to do business, due to the highly indebted nature of the population.
"Yet in other European countries consumers are not as indebted and the markets are not as sophisticated."
(KMcA/EF)
A report by Datamonitor found that the average British citizen owed £3,174 in unsecured debts - such as personal loans and credit cards - compared to an average of just £1,558 in Europe.
The author of the report said that borrowers in the UK had an "insatiable appetite for credit."
Total personal debt in the UK, including mortgages, is now estimated to have reached around £1.2 trillion.
Paul Marsh, a financial services analyst at Datamonitor who wrote the report, warned that the UK market for lenders was reaching saturation point.
He said: "The UK is an increasingly difficult place to do business, due to the highly indebted nature of the population.
"Yet in other European countries consumers are not as indebted and the markets are not as sophisticated."
(KMcA/EF)
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Northern Ireland WeatherToday:After a dry start this morning rain will spread from the northwest across all parts. This afternoon will be dull with some patchy rain and drizzle. Becoming much milder through the afternoon. Maximum temperature 11 °C.Tonight:A cloudy evening and night with a little light rain or drizzle, perhaps some clear periods developing along the east coast. A very mild night everywhere. Minimum temperature 10 °C.
