Image-conscious Brits suffer for fashion

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Image-conscious Brits suffer for fashion

Despite the credit crunch, some Britons are taking on more debt in order to keep up with their peers, according to CreditExpert.

Its Wealth Tells survey revealed that 34 per cent of Brits spend beyond their means in order to keep up with someone who they perceive to be wealthier than them.

It also found that people tend to make snap judgments about other's financial status, with clothes, jewellery, watches, shoes and haircut cited as the main indicators of wealth.

Men were more likely than women to spend beyond their means in order to appear wealthy, with almost one in five getting into debt in order to buy a car.

However, women admitted to feeling more self-conscious than men in front of wealthier peers.

Jim Hodgkins, managing director of CreditExpert.co.uk, said: "Using credit to fund a lifestyle you can't really afford can lead to huge financial problems and if you don't keep tight control of your spending and how much you're borrowing, you can easily find you can't afford the payments."

Recently lenders came under fire from uSwitch.com for exacerbating the debt problem by continuing to make insufficient credit checks during the unsecured loan application process.
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