Qualified advisers answering your
Financial Questions
call 0800 092 1245

Middle class areas 'most in debt'

It was revealed today, in a report from a credit rating agency, that middle class families across the UK are the most likely to be in heavy debt - with many middle class families reported to be in debt of up to £50,000. Additionally, those living in wealthier areas such as London and the South East have on average four times more debt than those in less prosperous areas, such as Scotland and some parts of the North West.

The report from Experian also shows that the average amount of debt for the individual has risen by over £2000 over just the past year. It is thought that this steep increase is a direct result of the credit crunch, with Keith Tondeur, of the advice service Credit Action, saying that "Over the past 15 years Middle England has had it good but now they are feeling the squeeze. During the good times they have got used to borrowing money and having easy access to credit based on the mentality they should take on a lot of borrowing because their house prices will keep growing. Worryingly, I am afraid it's is going to get a lot worse before it gets better."

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