Qualified advisers answering your
Financial Questions
call 0800 092 1245

Credit-happy consumers still confident

Despite interest rate hikes raising the cost of borrowing and more increases on the cards, the latest Personal Credit Index survey from shows that people are still happy to get into high levels of debt. More people would be concerned about getting into debt than they would being caught using illicit drugs or going through a divorce, with one in five people saying bankruptcy would be the most embarrassing thing that could happen to them in life.Yet it appears that consumers are supremely confident that they can control their finances, as around six million Brits would not worry about their debt levels until they owed over £15,000.One in 20 of these would only be concerned if they owed over £50,000, excluding a mortgage.Furthermore, 54 per cent of people reported being 'comfortable' with their credit levels and 41 per cent said they were 'very comfortable'. Jim Hodgkins, managing director of, commented: "The fact that so many Brits are happy with unsecured borrowing of at least £15,000 may seem shocking on first sight, but the 'credit comfy' generation seems to have become anaesthetised to the real implications of mounting debt."While many still see big debt as socially unthinkable, the reality is that an increasing number are finding it difficult to gauge when debt tips over to being unmanageable. With the current rise in interest rates, many will find that debt they blithely ignored is in danger of spiralling out of control."

Share this..

Related stories

Financial Guides

Financial Calculators

Our useful calculators can help you get your finances in order:

Latest News


Helpful new tax year facts that could affect you and your money

Blog | Seven helpful new 2016/2017 tax year facts that could affect you and your money. Our recent online blog shares a brief outline on how to stay up to date.

Read more

Useful Links

Popular Searches

Please Enter More Details

Enter More Details