UK Money News
27th November 2007
Debt 'is built into society'
One of the reasons that many people find themselves needing help with money is that debt has become such an accepted part of their lives.
So claims the Personal Finance Education Group (Pfeg,) which believes that debt has been "almost officially built in" to modern living in the UK.
The company states that people need help with money for a variety of unexceptional activities and that going into debt was a standard part of such processes.
For instance, buying a house involves for the vast majority of Britons entering into a mortgage - help with debt which Pfeg says most people "manage quite adequately".
In another area, "the cost of going to university ... is something that has been put by government into a position where young people have to now virtually always consider going into debt to cope," explains Alastair Mathews, director of policy at the charity.
In related money news, statistics published by Credit Action earlier this month suggest that total UK personal debt at the end of September stood at £1,380 billion.
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