Debt is a mixed picture right now, says expert

Money News

www.moneynews.co.uk > Debt > Debt is a mixed picture right now, says expert

Topics

bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet

Features

bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet

Companies

bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet

Money News

bullet
bullet
bullet
bullet
bullet

Debt is a mixed picture right now, says expert

People are paying money off the capital on their mortgages, but they are also mounting up credit card debt, according to an industry expert.

Peter Sargent, president of R3, claimed that consumers have been able to pay off more of this capital due to lower interest rates, but are then using their credit cards every day, too.

He pointed out that people need to start paying off their existing debts and stop borrowing from anywhere, yet he noted that many borrowers continue to go for high-interest forms of debt such as credit cards.

"People are borrowing on their credit cards and paying off mortgages, which is wrong because credit card debt costs more to service," he said.

Mr Sargent also commented that the UK economy will not be healthy until we have strong balance sheets, which is not the case right now as we still have record levels of debt in this country.

In the UK Debt Statistics September 2009 report released this week, personal debt stood at £1,457 billion.

Click here for more debt newsADNFCR-323-ID-19347704-ADNFCR

Related News : Debt

bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet