UK personal borrowing now almost twice that of other western European countries

According to the latest research by Datamonitor, people in the UK are borrowing on average almost twice that of citizens in other western European countries. It should also be noted that these figures are also only for unsecured loans, and therefore do not include borrowing such as mortgages, in which the UK is notorious for its levels of house ownership compared with the rest of Europe.

The report, which looked into borrowing through personal loans, hire purchase agreements, credit cards and overdrafts across 16 European countries, indicated that the UK had an “insatiable appetite for credit”, with UK residents owing on average £3,175 compared with the average European who owes the lesser sum of just £1,558 in unsecured debt.

Check out the BBC for more details, but don’t say that you hadn’t been warned by this little personalfinanosaurus before.

Related posts:

1. UK consumers regaining control of runaway levels of personal debt