Restaurant spending still strong as Britons experience 'debt denial'
Many Britons continue to spend big on eating out - even though they are in debt.Debt Free Direct said today that people are proving reluctant to give up patronising restaurants, despite the credit crunch.The UK economy is widely predicted to go into recession by the end of the year.Meanwhile, inflation is also at a 16-year high of 4.7 per cent.Derek Oakley, operations director at Debt Free Direct, said: "Debt is widespread throughout the UK, including London. People become concerned when their debt becomes unmanageable and they are unable to meet their financial obligations."We urge customers to act quickly to start to address their debt problem, even though this can sometimes feel uncomfortable and perhaps frightening."He added: "Those people who continue to purchase luxuries such as restaurant meals while in serious debt are perhaps those people who haven't yet faced up to their financial situation. Recognising a debt problem is the first step to dealing with it."According to charity Credit Action, the total level of personal debt in the UK stands at around £1.4 trillion.
Share this..
Related stories
If you haven't got it how can you spend it?
As the UK population again moves under the spotlight regarding the fall in the UK economy many are now starting to ask the question "if you haven't got money how can you spend it?". A quick review of the last six months has seen the UK population pushed to the forefront of recovery plans in the UK and seen by many as the spark to light the fire. We have seen VAT reductions, base rates fall yet fur...
Read More7m have Unclaimed Cash in old Account
Seven million Britons are under the impression they have an amount of unclaimed cash in an old bank account they no longer have access to, according to a survey by National Savings and Investments (NS&I). Over 50pc of people who believe they have lost touch with their cash put it down to either forgetting the original account details, or losing track of all the accounts they had opened previous...
Read MoreWhy is the Nationwide so down on the UK housing market?
The last 24 hours have given those looking towards buying their first property something to think about with news that Nationwide believes UK house prices will fall next year. While this is not a new view in the marketplace, the very fact that company with the reputation and the respect of Nationwide is suggesting a significant fall next year does give food for thought. So what is behind the sugge...
Read MoreIs The Economic Straightjacket Tightening?
This week saw the largest weekly decline in two year UK government debt notes for 14 years with traders concerned that the recent spate of interest rate reductions in the UK may be at an end. The move was prompted after the Bank of England’s recent review of inflation which suggested that the rate could nudge towards 4% in the short term. Many experts believe that we are unl...
Read MoreDavid Cameron to get personal with attack on Labour leader
David Cameron will this week light the blue touch paper for the forthcoming UK election with a highly personal attack on Gordon Brown and his "secretive, power hoarding, controlling character". In what is sure to be one of the most personal attacks ever released by the Conservative party leader he will list a number of U-turns and "cynical attempts to save his own skin" which he believes will show...
Read More