Flourishing fuel costs are no match for the allure of a flashy new car. New research suggests that cars are leading people into unmanageable debt, with men twice as likely to succumb to the temptation of a shiny new motor.
Research by Experian, the global information services company shows that consumers are getting into debt because of their cars due to vanity alone. The motivation for this poor debt management is to appear more wealthy, with those from the East Midlands, West Midlands and East Anglia most likely get in debt because of their car.
Kirk Fletcher, Managing Director of Experian’s Automotive division, said that although the credit crunch is taking a grip over the nations budgeting, “this survey highlights the fact that the consumer’s desire for a car that projects the right image remains as strong as ever.”