UK Money News
22nd January 2008
Trouble with debt ahead for big spenders, uSwitch claims
Trouble with debt could be on the way for millions of UK consumers who have been unable to curb their spending in recent months and years, according to a report from uSwitch.
Close to five million people around the country regularly spend more money than they earn and this kind of unhealthy budgeting could soon result in personal finance problems for many households, the price comparisons firm suggests.
Figures compiled by uSwitch show that the number of credit cards issued in the UK is now double what it was a decade ago and more and more consumers cannot resist the temptation to overspend.
"Britain is suffering from a bad case of affluenza," said Ann Robinson, director of consumer policy at uSwitch.
"We are caught in the grip of a spiral of conspicuous consumption where it's no longer enough to keep up with the Joneses, but instead we want to live like our favourite celebrities."
Recent research by the Association of Investment Companies found that more than 90 per cent of parents and teachers would welcome the introduction of personal finance lessons in schools around the country.
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