Britons 'unconcerned' by debt levels

27 February 2006
Most Britons are not worried about the amount of debt they are in, according to new research.

Figures show that 2.5 million UK residents have more than £10,000 worth of unsecured debts, but seven out of ten of them are not worried by this.

A quarter said they would even borrow more, according to research from market analysts Mintel.

Nearly half of the population owe money on their credit cards, overdrafts and personal loans, but most keep their debt under control.

However, a notable one in 20 Britons owes more than £20,000, the research found.

Paul Davies, senior finance analyst at Mintel, said: "While many people in debt may have the means to continue meeting their repayments, the high levels of debt and lack of worry does clearly represent a cause for concern.

"Although the research certainly shows that an impending debt crisis is not inevitable, a large minority of households are extremely vulnerable to any deterioration in the prevailing economic conditions."

The study did not portray a complete lack of apathy among Britons regarding their debt levels, with one in 20 admitting they were "very worried" about the amount they are owing.

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