‘Keeping up with the Joneses’ leading to Repossession Risk
Those people who try to ‘keep up with the Joneses’ could be facing a middle class repossession risk, as those living in wealthy parts of the country are finding increasing financial pressure due to large amount of debt which has been borrowed to keep up with their peers.
Chairman of the east Kent branch of the National Association of Estate Agents, John Oakley, told YourCanterbury.co.uk that those who live in affluent areas are struggling with their debt levels due to past spending habits, and believes that the number of repossessions could increase before the end of the year.
Oakley comments: “There’s a pressure to ‘keep up with the Joneses’. These people bought into the good lifestyle, they go out to the wine bars and restaurants and are perhaps living beyond their means, which is putting pressure on their disposable income.”