Experian says 'credit comfy' Britons should shape up

07 May 2007
Britons prefer to see their personal debt mountain as a molehill, credit agency Experian has warned, as it finds many consider a debt of less than £15,000 is barely cause for concern.

According to its research, six million Britons would only start worrying about their unsecured loans after they had taken out more than £15,000.

Moreover, four in ten people now say they are 'very comfortable' with having taking out one or several loans, a signal increase on just under three in ten unconcerned about their borrowing in January.

Experian's consumer confidence indicators, meanwhile, suggest that even the indebted are unconcerned about splashing their cash.

But whatever their individual laissez-faire attitude to thousands of pounds of debt, Britons remain preoccupied with keeping up the Joneses in money matters.

Slightly fewer than one in five people questioned cited bankruptcy as their most socially embarrassing life experience.

Nevertheless, "the 'credit comfy' generation seems to have become anaesthetized to the real implications of mounting debt," commented CreditExpert.co.uk's managing director, Jim Hodgkins.

And many borrowers could find their situation worsening as interest rates rise, he added.

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