Brits 'have loans hangover'

Money News

www.moneynews.co.uk > Finance Features > Brits 'have loans hangover'

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

Brits 'have loans hangover'

People across the UK are more likely to be paying down loans in the present financial environment, but this may not be having a positive impact on the economy, one financial expert has warned.

Ed Bowsher, head of consumer finance at lovemoney.com, said Brits went on a massive borrowing binge in the decade running up to the economic downturn and this causing a major hangover for many at present.

"I know that some consumers are making a big effort to pay down debt. I'm one of those people. Our thrift, however, isn't helping the economy. Less spending on the high street means slower economic growth," he commented.

According to figures from a prominent price comparison company, one in four Brits (27 per cent) spend more than 40 per cent of their wages repaying non-mortgage debt.

It found that the average amount of debt paid off per person is £322 each month.

Click here for more loans news
 ADNFCR-323-ID-800736947-ADNFCR

Related News : Finance Features

bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet