5-Figure Debt No Worry for the “Credit Comfy”
Although the amount of debt seems to be on the rise and the UK is worrying about the economic climate, it appears that Britain is becoming increasingly “credit comfy”.
So, do you fall into the category of being “Credit Comfy”? This research from Credit Expert suggests that six million people would not worry about their debt – excluding their mortgage – if it was under £15,000. More worryingly 1 in 20 would only start to worry when their debt hits over £50,000!
Managing Director, Jim Hodgkins said: “The ‘credit comfy’ generation seems to have become anesthetized to the real implications of mounting debt. While many still see big debt as socially unthinkable, the reality is that an increasing number are finding it difficult to gauge when debt tips over to being unmanageable. “
Interestingly research revealed that although the level of debt seems unimportant to most, 1 in 10 still said that they class being in the red as socially embarrassing, even more so than being caught with illegal drugs or getting a divorce.
It appears that the credit crunch have not stopped us being ever-reliant on debt, as the report shows that almost 55% are comfortable with their level of borrowing.