UK Money News
10th April 2008
Brits taking on debt to impress their peers
Millions of Britons are running up huge debts on credit cards and personal loans in the name of keeping up appearances, it has been revealed.
In a study conducted by CreditExpert.co.uk, 34 per cent of those surveyed confessed they spend more than they can afford in a bid to keep up with the Joneses.
Among the items being acquired to this end are electronic devices, such as mp3 players and high-end mobile phones, which cause 11 per cent of respondents to take on debts they are ill-equipped to afford.
Owing a tailored suit was also deemed enough of a priority to make it worth taking on debt as was dining out.
Jim Hodgkins, managing director of CreditExpert.co.uk, said: "The desire to keep up with friends isn't new and there is always a temptation to use credit to do so.
"But using credit to fund a lifestyle you can’t really afford can lead to huge financial problems and if you don’t keep tight control of your spending and how much you’re borrowing, you can easily find you can’t afford the payments and start to fall behind with them."
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